Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1218.09.

Main scenario: short positions will be relevant from corrections below the level of 1218.09 with a target of 1140.70 – 1120.00.

Alternative scenario: breakout and consolidation above the level of 1218.09 will allow the pair to continue rising to a level of 1252.93.

Analysis: A downward impetus 1 is supposed to continue developing within the wave (C) of senior level on the daily time frame. A downward impetus is developing as the third wave iii of 1 on the 4-hour timeframe with the wave (iii) of iii formed and the local correction iv of (iii) completed inside. Supposedly, the fifth correction of junior level v of (iii) started developing on the 1H time frame. If the presumption is correct, the pair will resume falling to the levels of 1140.70 – 1120.00. The level 1218.09 is critical in this scenario.

XAU/USD: Wave analysis and forecast for 07/09/2018 – 14/09/2018

XAU/USD: Wave analysis and forecast for 07/09/2018 – 14/09/2018

XAU/USD: Wave analysis and forecast for 07/09/2018 – 14/09/2018

Price chart of XAUUSD in real time mode

XAU/USD: Wave analysis and forecast for 07/09/2018 – 14/09/2018

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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