XAU/USD: Elliott Wave Analysis And Forecast For 08/05/2020 – 15/05/2020

The pair XAU/USD remains likely to fall. Estimated pivot point is at a level of 1747.08.

Main scenario: Consider short positions from corrections below the level of 1747.08 with a target of 1561.72 – 1450.00.Alternative scenario: Breakout and consolidation above the level of 1747.08 will allow the pair to continue rising to the levels of 1800.00 – 1850.00.Analysis: Supposedly an ascending correction of larger degree finished developing in the form of wave (B) on the daily time frame, with wave С of (B) formed within. Apparently, the fifth wave v of C finished developing on the H4 time frame and wave i of 1 of (C) started forming. The first wave of junior level (i) of i of 1 has formed and a local correction is nearing completion in the form of wave (ii) of i on the H1 time frame. If the presumption is correct, the price will continue falling to the levels of 1561.72 – 1450.00. The level of 1747.08 is critical in this scenario as the breakout will enable the pair to continue growing to the levels of 1800.00 – 1850.00.

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