XAU/USD Wave Analysis: 03/01/2019-03/08/2019
LiteForex | Mar 01, 2019 09:30AM ET
The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1285.93.
Main scenario: long positions will be relevant above the level of 1285.93 with a target of 1385.94 – 1482.11.
Alternative scenario: Breakout and consolidation below the level of 1285.93 will allow the pair to continue declining to the levels of 1264.00 – 1244.40.
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. Presumably an ascending impetus has been formed in the wave (iii) of iii on the H4 time frame, and a local correction (iv) of iii is developing at the moment. If the presumption is correct, after correction, the price will continue to rise to the levels 1385.94 – 1482.11. The level 1285.93 is critical in this scenario.
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