Unlocking the Potential: XAUUSD Elliott Wave Analysis and Forecast Reveals Key Market Trends for the Week Ahead

By Gustavo Nils Jan1,2024


XAUUSD: Elliott wave analysis and forecast for 29.12.23 – 05.01.24

Main scenario: consider long positions from corrections above the level of 2014.46 with a target of 2220.00 – 2300.00.

Alternative scenario: breakout and consolidation below the level of 2014.46 will allow the pair to continue declining to the levels of 1954.80 – 1889.05.

According to the analysis, a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 1 of (5) formed as its part. It is anticipated that a descending correction finished developing as the second wave 2 of (5) on the H4 chart, and the third wave 3 of (5) is forming. The third wave of smaller degree iii of 3 is unfolding on the H1 time frame. It includes a fully-formed wave (i) of iii and a local correction, completed as wave (ii) of iii. Wave (iii) of iii is unfolding. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2220.00 – 2300.00. The level of 2014.46 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 1954.80 – 1889.05.


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