Descending trend for the XAU/USD price continues. Estimated pivot point is at a level of 1265.91.
Main scenario: short positions will be relevant from the corrections below the level of 1265.91 with a target of 1200.00 – 1170.58.
Alternative scenario: breakout and consolidation above the level of 1265.91 will allow the pair to continue rising to a level 1310.14.
Analysis: Supposedly, an ascending wave of senior level C of (В) finished developing in the daily timeframe and the wave (C) started forming. A downward momentum is developing as the third wave iii inside the wave 1 of (C) in the 4-hour timeframe. In the 1-hour timeframe, the fifth wave (v) of iii is supposedly finishing its developing. If the presumption is correct, the price will continue falling down to the range of 1200.00 – 1170.58. The level 1265.91 is critical in this scenario.
Real-time price chart of XAUUSD
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.