XAUUSD: Elliott wave analysis and forecast for 07.07.23 – 14.07.23

2023.07.07 2023.07.07
XAUUSD: Elliott wave analysis and forecast for 07.07.23 – 14.07.23logo

Main scenario: consider short positions from corrections below the level of 1935.00 with a target of 1836.74 – 1782.50.

Alternative scenario: breakout and consolidation above the level of 1935.00 will allow the pair to continue the rise up to the levels of 1973.80 – 2022.28.

Analysis: on the daily chart, a downside correction presumably finished developing as the fourth wave of larger degree (4), and the fifth wave (5) is forming. Apparently, the first wave of smaller degree 1 of (5) is formed on the H4 chart, and a downward correction is developing as the second wave 2 of (5). Wave с of 2 is developing on the H1 chart, with wave (i) of c and wave (ii) of c formed and wave (iii) of c developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1836.74 – 1782.50. The level of 1935.00 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1973.80 – 2022.28.

Price chart of XAUUSD in real time mode

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