XAU/USD: Elliott wave analysis and forecast for 12.07.24 – 19.07.24

Key takeaways Main scenario: consider long positions from corrections above the level of 2293.93 with a target of 2500.00 – 2560.00. A buy signal: after the level of 2293.93 is broken. Stop Loss: 2250.00, Take Profit: 2560.00. Alternative scenario: breakout and consolidation below the level of 2293.93 will allow the pair to continue declining to the levels of 2218.46 – 2161.56. A sell signal: after the level of 2293.93 is broken. Stop Loss: 2330.00, Take Profit: 2161.56.Main scenario