XAU/USD: Elliott wave analysis and forecast for 27/03/2020 – 03/04/2020

The XAU/USD pair is correcting, still likely to fall. Estimated pivot point is at a level of 1702.57. Main scenario: short positions will be relevant from corrections below the level of 1702.57 with a target of 1450.00 – 1265.31. Alternative scenario: breakout and consolidation above the level of 1702.57 will allow the pair to continue rising to the levels of 1750.00 – 1800.00. Analysis: Supposedly, wave (B) of senior level is nearing completion on the daily time frame, with an ascending impulse formed inside as wave C of (B). Apparently, a descending wave (C) started developing on the H4 time...<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>