XAUUSD: Elliott wave analysis and forecast for 20.01.2023 – 27.01.2023


Main scenario: consider long positions from corrections above the level of 1832.12 with a target of 2000.00 – 2050.00.

Alternative scenario: breakout and consolidation below the level of 1832.12 will allow the pair to continue declining to the levels of 1772.93 – 1723.86.

Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. Apparently, the fifth wave (5) started forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (5) formed, a corrective wave ii of 1 of (5) completed, and wave iii of 1 of (5) developing inside. Supposedly, wave (i) of iii of 1 is formed on the H1 chart, and a local correction is unfolding as wave (ii) of iii of 1. If the presumption is correct, the pair will continue to rise to the levels of 2000.00 – 2050.00. The level of 1832.12 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1772.93 – 1723.86.



Price chart of XAUUSD in real time mode

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