XAU/USD: Elliott Wave Analysis And Forecast For 24/04/2020 – 01/05/2020

XAU/USD remains likely to grow. Estimated pivot point is at a level of 1658.67.Main scenario: consider long positions from corrections above the level of 1658.67 with a target of 1800.00 – 1850.00.Alternative scenario: breakout and consolidation below the level of 1658.67 will allow the pair to continue declining to the levels of 1561.72 – 1450.00.Analysis: Supposedly, wave (B) of larger degree continues developing on the daily time frame, with an ascending impulse developing inside as wave C of (B). On the H4 time frame, supposedly, the fifth wave v of C is forming, with the local correction iv of C completed inside. The fifth wave of smaller degree (v) of v of C is forming on H1 time frame. If the assumption is correct, the price will continue growing to 1800.00 – 1850.00. The level of 1658.67 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1561.72 – 1450.00.



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