Elliot Wave Analysis & Forecast – XAUUSD - Gold, - Weekly, 8th April, 2022






Gold has peaked @2070 on March, 2022 but failed to push previous resistance @ 2073 and made like double top situation.

This scenario confirm that blue wave b of Red wave 4 has been completed and now prices are going down in last blue wave c to complete red wave 4. It is very hard to predict corrective wave because of difference combination of structures, but in my views price can go down to area 1650-1600 to complete red wave 4. Once this red wave 4 complete we will saw new impulsive rally toward 2300 or even higher to complete red wave 5.

Taking shot position above 2000 targeting 1850 and 1770 will give you good risk-reward ratio. Stop loss will be above 2070.


Muhiuddin