The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1237.10.
Main scenario: short positions will be relevant from corrections below the level of 1237.10 with a target of 1182.23 – 1159.51.
Alternative scenario: breakout and consolidation above the level of 1237.10 will allow the pair to continue rising to a level of 1263.50.
Analysis: Supposedly, a downward impetus 1 finished developing within the wave (C) of senior level on the daily time frame. On H4 time-frame, apparently, an upward correction has finished developing in the form of the plane-shaped wave 2 of C, and the first wave of junior level i of 3 is developing. Presumably a local correction (iv) of i has finished on the H1 time frame, and the wave (v) of i is developing at the moment. If the presumption is correct, the price will continue falling to the levels of 1182.23 – 1159.51. The level 1237.10 is critical in this scenario.
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.
- 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
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.