XAU/USD: Elliott Wave Forecast April 10-17

The pair XAU/USD remains likely to grow. The estimated pivot point is at a level of 1561.37.

Main scenario: long positions should be considered from corrections above the level of 1561.37 with a target of 1750.00 – 1800.00.

Alternative scenario: breakout and consolidation below the level of 1561.37 will allow the pair to continue declining to the levels of 1450.00 – 1265.31.

Analysis: Supposedly, wave (B) of larger degree continues developing on the daily time frame, with an ascending impulse developing inside as wave C of (B). Supposedly, a downward correction is completed as the fourth wave iv of C and wave v of C has started to form on the H4 time frame. Apparently, the third wave of smaller degree (iii) of v of C is forming on the H1 time frame. If the assumption is correct, the price will continue growing to 1750.00 – 1800.00. The level of 1561.37 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1450.00 – 1265.31.

XAU/USD 1 Hour Chart

XAU/USD 4 Hour Chart

XAU/USD Daily Chart

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