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XAUUSD, Elliot Wave Analysis

3/3/2023 10:34 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 entry first wave of the lower level 1 of (5) has formed, a local correction has ended as the second wave 2 of (5), and the development of the third wave 3 of (5) has started. If the assumption is correct, the XAU/USD pair will grow to the area of 1889.75–1960.25. In this scenario, critical stop loss level is 1802.05.

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