XAU/USD: Wave Analysis: 07/20/2018 – 07/27/2018
LiteForex | Jul 20, 2018 12:02PM ET
Descending trend for the XAU/USD price continues. Estimated pivot point is at a level of 1265.91.
Main scenario: short positions will be relevant from the corrections below the level of 1265.91 with a target of 1200.00 – 1170.58.
Alternative scenario: breakout and consolidation above the level of 1265.91 will allow the pair to continue rising to a level 1310.14.
Analysis: Supposedly, an ascending wave of senior level C of (В) finished developing in the daily timeframe and the wave (C) started forming. A downward momentum is developing as the third wave iii inside the wave 1 of (C) in the 4-hour timeframe. In the 1-hour timeframe, the fifth wave (v) of iii is supposedly finishing its developing. If the presumption is correct, the price will continue falling down to the range of 1200.00 – 1170.58. The level 1265.91 is critical in this scenario.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.