Gold Elliott Wave Trading Target 1681 - 16th April 2020

XAU/USD Trade Analysis:

As we discussed , Gold XAU/USD Technical Analysis 7th April 2020 (Forex Trading by Elliott Wave Analysis) we are in a 5th wave.

Gold Elliott wave analysis
Gold Elliott wave analysis 

We can see on chart 5th wave is end at 1747 and we are on a Zig-Zag correction.

Correction is in the form of Zig-Zag (5-3-5) so we may see deep lower levels.we in a first 5 wave of 5-3-5.

1st and 2nd wave is completed and sub waves of 2nd wave is going on. we forecast  3rd wave  end at 1678 as Fibonacci Extention 261.8% of 1st wave.

So for a short time frame, we forecast for only 3rd wave Target 1678-1681.

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