Crypto currency

XAUUSD: Elliott wave analysis and forecast for 25.06.21 – 02.07.21

Main scenario: long positions will be relevant above the level of 1674.46 with a target of 1958.14 – 2016.10 after correction.

Alternative scenario: breakout and consolidation below the level of 1674.46 will allow the pair to continue declining to the levels of 1568.91 – 1447.92.

Analysis: an ascending third wave of a larger degree (3) formed in the daily time frame, and a descending correction developed as wave (4), supposedly. The fifth wave (5) appears to be forming in the H4 time frame, with the first wave of smaller degree 1 of (5) formed and the downward correction 2 of (5) developing inside. In the H1 time frame, there is developing wave с of 2, with the fifth wave (v) of с unfolding inside. If the presumption is correct, the pair will continue to rise to the levels of 1958.14 – 2016.10 after the correction finishes. The level of 1674.46 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1568.91 – 1447.92.

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 LiteForex. 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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