XAU/USD: Elliott wave analysis and forecast for 31.01.25 – 07.02.25
The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 2690.64 with a target of 2880.00 – 3000.00. A buy signal: the price holds above 2690.64. Stop Loss: below 2670.00, Take Profit: 2880.00 – 3000.00.
- Alternative scenario: Breakout and consolidation below the level of 2690.64 will allow the pair to continue declining to the levels of 2464.30 – 2282.23. A sell signal: the level of 2690.64 is broken to the downside. Stop Loss: above 2705, Take Profit: 2464.30 – 2282.23.
Main Scenario
Consider long positions from corrections above the level of 2690.64 with a target of 2880.00 – 3000.00.
Alternative Scenario
Breakout and consolidation below the level of 2690.64 will allow the pair to continue declining to the levels of 2464.30 – 2282.23.
Analysis
The ascending fifth wave of larger degree 5 is presumably developing on the weekly chart, with wave (5) of 5 forming as its part. The third wave of smaller degree 3 of (5) appears to continue forming on the daily chart, with wave iii of 3 developing within. Wave (v) of iii continues developing on the H4 chart. If this assumption is correct, the XAU/USD pair will continue to grow to the levels of 2880.00 – 3000.00. The level of 2690.64 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 2464.30 – 2282.23.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of XAUUSD in real time mode
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