XAU/USD Elliott Wave Analysis: 04/10/2019 – 11/10/2019

The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1458.80.

Main scenario: long positions will be relevant above the level of 1458.80 with a target of 1585.56 – 1650.00.

Alternative scenario: Breakout and consolidation below the level of 1458.80 will allow the pair to continue declining to the levels of 1412.74 – 1378.45.

Analysis: Supposedly, the third wave of senior level iii of C of (B) continues forming on the daily time frame, with wave (iii) of iii formed inside. On the H4 time frame, apparently, the local correction has finished developing in the form of wave (iv) of iii and wave (v) of iii has started forming. Supposedly, a counter-trend impulse of junior level i of (v) has formed on the H1 time frame. If the presumption is correct, the pair will resume rising to the levels of 1585.56 – 1650.00. The level 1458.80 is critical in this scenario.

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