Long positions from corrections over 1893.02 with a goal of 2150.00 – 2200.00 are the main scenario.
Alternative scenario: The pair will continue to fall to levels of 1853.64 – 1779.58 if it breaks and consolidates below the level of 1893.02.
On the daily chart, the fifth wave of larger degree (5) is still developing, with wave 3 of (5) forming inside. On the H4 chart, it appears like wave iii of 3 is forming, with wave iii of smaller degree (iii) forming as part of it. A local correction has apparently completed as the fourth wave (iv) of iii on the H1 chart, and wave (v) of iii is now forming. If the forecast is true, the pair will increase to levels between 2150.00 and 2200.00. In this situation, the level of 1893.02 is crucial, as a break will allow the pair to continue falling to the levels of 1853.64 – 1779.58.
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| XAUUSD Elliott Wave Analysis and Forecast for the Week of March 18th to March 25th |
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| XAUUSD Elliott Wave Analysis and Forecast for the Week of March 18th to March 25th |
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| XAUUSD Elliott Wave Analysis and Forecast for the Week of March 18th to March 25th |
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