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XAUUSD, Elliot Wave Analysis

12/2/2022 10:19 AM

Growth is possible.

On the daily chart, a downward correction ended as the fourth wave of the higher level (4), within which the wave C of (4) formed as a momentum, and the fifth wave (5) develops. Now, the first entry wave of the lower level 1 of (5) is developing, within which the wave iii of 1 has formed, the correctional wave iv of 1 has ended, and the wave v of 1 is forming. If the assumption is correct, the XAU/USD pair will grow to the area of 1850.00–1900.00. In this scenario, critical stop loss level is 1738.42.

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