Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1309.47.
Main scenario: short positions will be relevant from corrections below the level of 1309.47 with a target of 1250.50 – 1233.90.
Alternative scenario: breakdown and consolidation above the level of 1309.47 will allow the pair to continue the rise up to the levels of 1325.72 – 1355.62.
Analysis: Supposedly, an ascending wave of senior level C of (В) finished developing within the daily time frame and the wave (C) started forming. A downward impetus is developing as the third wave iii в inside the wave 1 of (C) in the 4-hour timeframe. Apparently, a downward impetus is developing as wave (iii) of iii in the 1-hour timeframe. If the presumption is correct, the price will continue falling to the levels of 1250.50 – 1233.90. The level 1309.47 is critical in this scenario.
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.