XAU/USD: Wave Analysis And Forecast For April 19-26 2019
The pair XAU/USD is still likely to fall. The estimated pivot point is at a level of 1311.56.
Main scenario: short positions will be relevant from corrections below the level of 1311.56 with a target at 1252.00 – 1229.91.
Alternative scenario: breakout and consolidation above the level of 1311.56 will allow the pair to continue rising to level 1385.94.
Analysis: Supposedly, the third wave of senior-level iii of C continues forming within the wave (B) on the daily time frame. Apparently, a downward correction in the form of wave (ii) of iii is forming on the H4 time frame, with wave c of (ii) developing inside. The third wave of junior level iii of c of (ii) is presumably forming on the H1 timeframe. If this assumption is correct, the pair will go on falling down to the levels of 1252.00 – 1229.91. The level of 1311.56 is critical in this scenario.