XAU/USD: Elliott Wave Analysis And Forecast For August 8-15, 2019


The pair is under correction, still likely to fall. Estimated pivot point is at a level of 1516.80.

Main scenario: short positions will be relevant from corrections below the level of 1516.80 with a target of 1412.74 – 1378.45.

Alternative scenario: breakdown and consolidation above the level of 1516.80 will allow the pair to continue the rise up to the levels of 1585.56 – 1650.00.

Analysis: Supposedly, wave (B) of senior level continues developing on the weekly time frame, with wave C of (B) forming inside. Apparently, an ascending impulse is forming as the third wave iii of C on the D1 time frame, with downward correction (iv) of iii developing inside. Wave c of (iv) is developing on the H4 time frame. If the presumption is correct, the pair will resume falling to the levels of 1412.74 – 1378.45. The level 1516.80 is critical in this scenario.

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