XAUUSD: Elliott wave research and forecast for 26.01.24 – 02.02.24

Major state of affairs: believe lengthy positions from corrections above the extent of 1971.59 with a goal of 2220.00 – 2300.00.

Choice state of affairs: breakout and consolidation under the extent of 1971.59 will permit the pair to proceed declining to the degrees of 1912.52 – 1809.00.

Research: a descending correction seems to have shaped because the fourth wave (4) of bigger stage at the day-to-day chart. The 5th wave (5) is unfolding, with the primary wave 3 of (5) forming as its phase. It sounds as if, the 3rd wave of smaller stage iii of three is forming at the H4 period of time, with wave (iii) of iii growing inside of. An area correction has completed forming as wave ii of (iii), and wave iii of (iii) began forming at the H1 chart. If the presumption is right kind, the XAUUSD pair will proceed to upward thrust to the degrees of 2220.00 – 2300.00. The extent of 1971.59 is important on this state of affairs as a breakout will permit the pair to proceed falling to the degrees of 1912.52 – 1809.00.

Worth chart of XAUUSD in actual time mode

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