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XAUUSD Elliott wave analysis: 4hr tf

Price action for XAUUSD last week remained pretty much between the intraday resistance levels mentioned in the last post which can be found here.

https://coinanalyst.investments/2018/05/06/xauusd-gold-4hr-tf-elliott-wave-analysis-update/

The price action for XAUUSD from ~$1303.84 to price close of ~$1324.65 can best be described as a corrective (3 wave price move), which is identified in this analysis as a minute wave ((a)). This implies anticipating a minute wave ((b)) that will see the price of XAUUSD sell off, even if temporarily.

Elliott wave analysis of XAUUSD (Gold)

Corrections are very difficult to deal with and do require a lot of patience.  The only bullish scenario that is favored therefore in this analysis is a price close above the topmost resistance line in this analysis which is ~$1325.73. This could result in XAUUSD targeting between $1352.97 and $1357.46.

Alternatively, the only bearish scenario that is considered in this analysis is price breaking below ~ $1301.61 which is the low for XAUUSD on May 1, 2018. A break below this price could see XAUUSD target ~$1251.97.

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