XAUUSD: Elliott wave analysis and forecast for 03.12.2021 – 10.12.2021

Main scenario: consider long positions from corrections above the level of 1719.93 with a target of 1960.00 – 2075.27.

Alternative scenario: breakout and consolidation below the level of 1719.93 will allow the pair to continue declining to the levels of 1673.63 – 1601.98.

Analysis: Daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) appears to be unfolding, with the third wave of smaller degree 3 of (5) starting to form inside. Wave i of 3 and a corrective wave ii of 3 appear to have formed on the H4 chart. The third wave iii of 3 has also started developing. The first wave of smaller degree (i) of iii is formed and a local correction (ii) of iii is nearing completion on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 1960.00 – 2075.27 once the correction is completed. The level of 1719.93 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1673.63 – 1601.98.



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 LiteFinance. 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.

Rate this article:

{{value}} ( {{count}} {{title}} )

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *