XAUUSD: Elliott wave analysis and forecast for 12.08.2022 – 19.08.2022

Main scenario: consider long positions above the level of 1729.27 with a target of 1879.10 – 1997.97 after correction.

Alternative scenario: breakout and consolidation below the level of 1729.27 will allow the pair to continue declining to the levels of 1681.18 – 1650.00.

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. Apparently, the fifth wave (5) has started developing on the H4 chart. The first counter-trend wave of smaller degree i of 1 of (5) has presumably stopped developing on the H1 chart, and a local correction started forming as the second wave ii of 1. If the presumption is correct, the pair will continue to rise to the levels of 1879.10 – 1997.97 after the correction is completed. The level of 1729.27 is critical in this scenario as its breakout will enable the pair to continue falling to the levels of 1681.18 – 1650.00.



Price chart of XAUUSD in real time mode

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