XAUUSD: Elliott wave analysis and forecast for 02.09.22 – 09.09.22

Main scenario: consider long positions from corrections above the level of 1679.60 with a target of 1879.10 – 1997.97.

Alternative scenario: breakout and consolidation below the level of 1679.60 will allow the pair to continue declining to the levels of 1650.00 – 1602.00.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. The fifth wave (5) appears to be forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (5) completed as its part. A local correction finished developing as the second wave ii of 1 on the H1 chart, with wave (с) of ii formed as its part. If the presumption is correct, the pair will continue to rise to the levels of 1879.10 – 1997.97. The level of 1679.60 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1650.00 – 1602.00.

Price chart of XAUUSD in real time mode

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