Crypto currency

XAUUSD: Elliott wave analysis and forecast for 28.05.21 – 04.06.21

Main scenario: consider short positions below the level of 1913.03 with a target of 1821.97 – 1794.22.

Alternative scenario: breakout and consolidation above the level of 1913.03 will allow the pair to continue rising to the levels of 1958.14 – 2016.10.

Analysis: an ascending third wave of larger degree (3) formed on the daily time frame, and a descending correction developed as wave (4), supposedly. The fifth wave (5) appears to be forming on the H4 time frame, with the first wave of smaller degree 1 of (5) formed inside. Apparently, a downward correction is starting to form as wave 2 of (5) on the H1 time frame. If this assumption is correct, the pair may be expected to fall to the levels of 1821.97 – 1794.22. The level of 1913.03 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 1958.14 – 2016.10.

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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