The pair {XAU/USD is still likely to fall. Estimated pivot point is at a level of 1155.37.
Main scenario: short positions will be relevant from corrections below the level of 1155.37 with a target of 1362.95 – 1265.31.
Alternative scenario: breakout and consolidation above the level of 1155.37 will allow the pair to continue rising to the levels of 1606.15 – 1700.00.
Analysis: Supposedly, wave (B) of senior level is nearing completion on the daily time frame, with an ascending impulse developed inside as wave C of (B). Apparently, a descending wave (C) started developing on the H4 time frame with the first counter-trend wave of junior level (i) of i of 1 of (C) formed inside. Supposedly, local correction (ii) of i of 1 formed on the H1 time frame. If the presumption is correct, the pair will resume falling to the levels of 1362.95 – 1265.31. The level of 1155.37 is critical in this scenario as the breakout will enable the pair to continue growing to the levels 1606.15 – 1700.00.
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
HIVE IS ALIVE!!!
JOIN US, YOU'LL HAVE EXACTLY THE SAME BALANCE AS YOU HAVE HERE ON STEEM WITHOUT THE CENTRALIZATION AND CENSORSHIP!!
https://hive.blog
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit