The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1326.67.

Main scenario: short positions will be relevant below the level of 1326.67 with a target of 1243.18 – 1159.49.

Alternative scenario: breakout and consolidation above the level of 1326.67 will allow the pair to continue rising to a level of 1400.00 and higher.

Analysis: Supposedly, the wave of senior level (C) continues developing on the daily time frame, with the wave 1 of (C) formed inside. On H4 time-frame, apparently, an upward correction is completed in the form of the wave 2 of (C), with the wave c of 2 formed inside. Supposedly, the first counter-trend wave of junior level i of (i) is formed on the H1 time frame. If the presumption is correct, the price will logically drop to the levels of 1243.18 – 1159.49 in the long term. The level  1326.67 is critical in this scenario.

 




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Price chart of XAUUSD in real time mode

XAU/USD: Wave analysis and forecast for 08/02/2019 – 15/02/2019

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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