The XAU/USD downtrend is likely to continue. Estimated pivot point is at a level of 1243.15.

Main scenario: short positions will be relevant from corrections below the level of 1243.15 with a target of 1182.23 – 1159.51.

Alternative scenario: Breakout and consolidation above the level of 1243.15 will allow the pair to continue rising to the level of 1263.50.

Analysis: Supposedly, a downward momentum 1 finished developing within the wave (C) of senior level on the daily time frame. Apparently, on H4 time frame, an upward correction finished forming in the form of wave 2 of (C) that took the form of a plane. Presumably, the wave 3 starts developing in the hourly timeframe, with first wave of junior level (i) of I formed inside.  If the presumption is correct, the price will continue falling to the levels of 1182.23 – 1159.51. The level 1243.15. is critical in this scenario.

XAU/USD: волновой анализ и прогноз на 02.11.18 – 09.11.18

XAU/USD: волновой анализ и прогноз на 02.11.18 – 09.11.18

XAU/USD: волновой анализ и прогноз на 02.11.18 – 09.11.18

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Price chart of XAUUSD in real time mode

XAU/USD: Wave analysis and forecast for 02/11/2018 – 09/11/2018

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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