The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1237.10.

Main scenario: short positions will be relevant from corrections below the level of 1237.10 with a target of 1182.23 – 1159.51.

Alternative scenario: breakout and consolidation above the level of 1237.10 will allow the pair to continue rising to a level of 1263.50.

Analysis: Supposedly, a downward impetus 1 finished developing within the wave (C) of senior level on the daily time frame. On H4 time-frame, apparently, an upward correction has finished developing in the form of the plane-shaped wave 2 of C, and the first wave of junior level i of 3 is developing. Presumably the wave (iii) of i has been formed on H1 time frame, and a local correction (iv) of i is developing. If the presumption is correct, the pair will logically drop to the  levels 1182.23 – 1159.51 once the correction is over. The level 1237.10 is critical in this scenario.

XAU/USD: волновой анализ и прогноз на 16.11.18 – 23.11.18

XAU/USD: волновой анализ и прогноз на 16.11.18 – 23.11.18

XAU/USD: волновой анализ и прогноз на 16.11.18 – 23.11.18

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Price chart of XAUUSD in real time mode

XAU/USD: Wave analysis and forecast for 16/11/2018 – 23/11/2018

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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