Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1313.94.

Main scenario: short positions will be relevant from corrections below the level of 1313.94 with a target of 1250.50 – 1233.90.

Alternative scenario: breakdown and consolidation above the level of 1313.94 will allow the pair to continue the rise up to the levels of 1323.80 – 1333.42.

Analysis: The wave (С) of senior level supposedly continues developing within the daily time frame, with the first wave 1 of (C) forming inside. Apparently, the wave iii of 1 is developing locally, with a local correction in the form of the second wave of junior level (ii) of iii finishing inside. If the presumption is correct, the price will continue falling to the levels of 1250.50 – 1233.90. The level 1313.94 is critical in this scenario.

XAU/USD: Wave analysis and forecast for 15/06/2018 – 22/06/2018

XAU/USD: Wave analysis and forecast for 15/06/2018 – 22/06/2018

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Price chart of XAUUSD in real time mode

XAU/USD: Wave analysis and forecast for 15/06/2018 – 22/06/2018

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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