Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1272.45.

Main scenario: short positions will be relevant from corrections below the level of 1272.45 with a target of 1233.00 – 1220.00.

Alternative scenario: breakout and consolidation above the level of 1272.45 will allow the pair to continue rising to a level of 1310.14.

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 inside the wave 1 of (C) in the 4-hour timeframe. A downward impetus continues 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 1233.00 – 1220.00. The level 1272.45 is critical in this scenario.

XAU/USD: Wave analysis and forecast for 29/06/2018 – 06/07/2018

XAU/USD: Wave analysis and forecast for 29/06/2018 – 06/07/2018

XAU/USD: Wave analysis and forecast for 29/06/2018 – 06/07/2018

XAU/USD: Wave analysis and forecast for 29/06/2018 – 06/07/2018

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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