Cracking the Code of XAUUSD: Unveiling Intricate Patterns and Projecting Future Trends with Elliott Wave Analysis

By Gustavo Nils Oct30,2023

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XAUUSD: Elliott wave analysis and forecast for 27.10.23 – 03.11.23

The main scenario for XAUUSD is to consider long positions from corrections above the level of 1950.36 with a target of 2023.50 – 2060.00.

Alternatively, if there is a breakout and consolidation below the level of 1950.36, the pair is expected to continue declining to the levels of 1903.00 – 1881.60.

Upon analysis, a descending correction seems to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is currently unfolding, with the first wave 1 of (5) formed as part of it. A downside correction has formed as the second wave 2 of (5) on the H4 time frame, with wave c of 2 completed as part of it. The third wave 3 of (5) has started to unfold on the H1 time frame, with the first counter-trend wave of smaller degree i of 3 continuing to form as part of it. Based on this analysis, the pair is anticipated to continue rising to the levels of 2023.50 – 2060.00. The level of 1950.36 is critical in this scenario, as a breakout will enable the pair to continue declining to the levels of 1903.00 – 1881.60.

Please note that 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 for informational purposes only and should not be considered as investment advice.

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