XAU/USD: Elliott Wave Analysis And Forecast For 01/11/2019 – 08/11/2019

The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1458.82.

Main scenario: long positions will be relevant from corrections above the level of 1458.82 with a target of 1585.56 – 1650.00.

Alternative scenario: Breakout and consolidation below the level of 1458.82 will allow the pair to continue declining to the levels of 1412.74 – 1378.45.

Analysis: Supposedly, wave (B) of senior level continues forming on the weekly timeframe, with wave С of (B) developing inside. An ascending impulse is likely to be forming on the daily timeframe as the third wave iii of C. On the H4 time frame, apparently, the local correction (iv) of iii has finished, and wave (v) of iii is developing on the H1 time frame. If the presumption is correct, the price will continue rising to the levels of 1585.56 – 1650.00. The level 1458.82 is critical in this scenario.

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