XAUUSD: Elliott wave analysis and forecast for 09.06.23 – 16.06.23

2023.06.09 2023.06.09
XAUUSD: Elliott wave analysis and forecast for 09.06.23 – 16.06.23logo

Main scenario: consider long positions from corrections above the level of 1931.38 with a target of 2060.00 – 2100.00. 

Alternative scenario:  breakout and consolidation below the level of 1931.38 will allow the pair to continue declining to the levels of 1903.23 – 1865.33. 

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 third wave of smaller degree 3 of (5) is formed on the H4 chart, and a local correction is completed as the fourth wave 4 of (5).  The fifth wave 5 of (5) started to develop on the H1 chart, with wave i of 5 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 2060.00 – 2100.00. The level of 1931.38 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1903.23 – 1865.33.

Price chart of XAUUSD in real time mode

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