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XAU/USD Wave Analysis: 03/01/2019-03/08/2019

Published 03/01/2019, 09:30 AM
Updated 11/29/2020, 05:10 AM

The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1285.93.

Main scenario: long positions will be relevant above the level of 1285.93 with a target of 1385.94 – 1482.11.

Alternative scenario: Breakout and consolidation below the level of 1285.93 will allow the pair to continue declining to the levels of 1264.00 – 1244.40.

Analysis: On the 1-week frame, supposedly a long-term correction of senior level continues to develop as wave (B) in the form of plane ABC. On the 1-day time frame, apparently the third wave of junior level iii of C of (B) is forming. Presumably an ascending impetus has been formed in the wave (iii) of iii on the H4 time frame, and a local correction (iv) of iii is developing at the moment. If the presumption is correct, after correction, the price will continue to rise to the levels 1385.94 – 1482.11. The level 1285.93 is critical in this scenario.
XAU/USD

XAU/USDXAU/USD

Latest comments

Bad figure with these waves Elliot, it does not work .Gold is in the following growth channel 1161 bottom 1297 middle 1453 ATH all spot price / .Gold is currently testing the channel center is under his resist. Expect to rise to 1363 March and above in the next 2 months. we have no longer a downside.
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