XAU/USD: Wave Analysis And Forecast For March 15-22
The pair XAU/USD is still likely to grow. The estimated pivot point is at a level of 1280.14.
Main scenario: long positions will be relevant from corrections above the level of 1280.14 with a target of 1385.94.
Alternative scenario: Breakout and consolidation below the level of 1280.14 will allow the pair to continue declining to the levels of 1244.40 – 1194.20.
Analysis: Supposedly, the third wave of senior-level iii of C of (B) continues forming on the daily time frame. Apparently, the third wave of junior level (iii) of iii of C has been formed on the 4-hour time frame and a local correction finished developing in the form of the wave (iv) of iii. Supposedly, the fifth wave (v) of iii started developing on the H1 time frame. If the presumption is correct, the pair will resume growing to the level of 1385.94. The level 1280.14 is critical in this scenario.