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XAUUSD: Elliott wave analysis and forecast for 05.02.2021 - 12.02.2021

2021-02-05

2021-02-05

XAUUSD: Elliott wave analysis and forecast for 05.02.2021 – 12.02.2021Alex Geuta

Main scenario: consider long positions from corrections above the level of 1764.71 with a target of 1960.41 – 2073.73.

Alternative scenario: Breakout and consolidation below the level of 1764.71 will allow the pair to continue declining to the levels of 1718.57 – 1668.45.

Analysis: Daily time frame: presumably, the ascending third wave of larger degree (3) formed, and a descending correction developed as wave (4). The fifth wave (5) appears to be developing on the H4 time frame, with wave 1 of (5) formed and a local correction nearing completion as wave 2 of (5) inside. Apparently, wave c of 2 is nearing completion on the H1 time frame. If the presumption is correct, the pair may be expected to rise to the levels of 1960.41 – 2073.73. The level of 1764.71 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 1718.57 – 1668.45.

Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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