XAU/USD Likely To Grow With Pivot Point Expected At 1266.18
XAU/USD Wave Analysis And Forecast May 24 – 31, 2019
The pair XAU/USD is still likely to grow. The estimated pivot point is at a level of 1266.18.
Main scenario: Long positions will be relevant from corrections above the level of 1266.18 with a target of 1347.02 – 1385.94.
Alternative scenario: Breakout and consolidation below the level of 1266.18 will allow the pair to continue declining to the levels of 1252.00 – 1229.91.
Analysis: Supposedly, the third wave of senior-level iii of C continues forming on the daily time frame as part of wave (B). Apparently, a downward correction developed on the H4 time frame in the form of the wave (ii) of iii, with the wave c of (ii) formed inside. Presumably, the third wave of junior level (iii) of iii started developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1347.02 – 1385.94. The level of 1266.18 is critical in this scenario.