The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of  1301.36.

Main scenario: long positions will be relevant above the level of 1301.36 with a target of 1385.94 – 1482.11.

Alternative scenario: Breakout and consolidation below the level of  1301.36 will allow the pair to continue declining to the levels of  1253.16 – 1159.49.

Analysis:  On the 1-week frame, supposedly a long-term correction of senior level continues to develop as wave (B) in the form of plane ABC. On the 1-day time frame, apparently the third wave of junior level  iii of C of (B) is forming. Apparently,an ascending impetus is developing in wave (iii) of iii on the 4-hour timeframe. If the presumption is correct, the price will continue to rise to the levels of 1385.94 – 1482.11. The level 1301.36 is critical in this scenario.

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Price chart of XAUUSD in real time mode

XAU/USD: Wave analysis and forecast for 22/02/2019 – 01/03/2019

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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