XAUUSD: Elliott wave analysis and forecast for 16.06.23 – 23.06.23

2023.06.16 2023.06.16
XAUUSD: Elliott wave analysis and forecast for 16.06.23 – 23.06.23logo

Main scenario: consider short positions from corrections below the level of 2005.76 with a target of 1883.73 – 1836.74 once a correction is completed.

Alternative scenario: breakout and consolidation above the level of 2005.76 will allow the pair to continue rising to the levels of 2060.00 – 2100.00.

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 local correction is developing as the second wave 2 of (5). Wave а of 2 is completed on the H1 chart. If the presumption is correct, the pair will continue to drop to the levels of 1883.73 – 1836.74 after the corrective wave b of 2 is completed. The level of 2005.76 is critical in this scenario as a breakout will enable the pair to continue growing to the levels of 2060.00 – 2100.00.

Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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