The XAU/USD pair is under correction, still likely to grow. Estimated pivot point is at a level of 1183.05.

Main scenario: long positions will be relevant from corrections above the level of 1183.05 with a target of 1263.50 – 1288.00.

Alternative scenario: breakout and consolidation below the level of 1183.05 will allow the pair to continue declining to the levels of 1140.70 – 1120.00.

Analysis: Supposedly, a downward impetus 1 finished developing within the wave (C) of senior level on the daily time frame. An upward correction is developing on H4 time frame in the form of wave 2 of (C), with the wave (c) of 2 forming inside. On the H1 time frame, supposedly the wave iii of (c) has been formed and a local correction (iv) of c is completed. If the presumption is correct, the price will continue to rise to the levels of 1263.50 – 1288.00. The level 1183.24 is critical in this scenario.

XAU/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018

XAU/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018

XAU/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018


P.S. Did you like my article? Share it in social networks: it will be the best “thank you" :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex

Price chart of XAUUSD in real time mode

XAU/USD: Wave analysis and forecast for 19/10/2018 – 26/10/2018

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.

Need to ask the author a question? Please, use the Comments section below. .
Start Trading
Follow us in social networks!
Live Chat
Leave feedback