XAU/USD Wave Analysis And Forecast: 26/07/2019–02/08/2019

The pair is still likely to grow. Estimated pivot point is at a level of 1397.47.

Main scenario: long positions will be relevant from corrections above the level of 1397.47 with a target of 1484.01 – 1585.56.

Alternative scenario: Breakout and consolidation below the level of 1397.47 will allow the pair to continue declining to the levels of 1344.58 – 1264.18.

Analysis: Supposedly, an ascending correction wave of senior level (B) continues forming on the W1 time frame, with the wave C of (B) developing within. On the D1 time frame, presumably, the third wave iii of C is developing, with the wave of junior level (iii) of iii forming inside. Apparently, a local correction stopped developing as a triangular wave iv of (iii) and the wave v of (iii) continues forming on the H4 timeframe. If the presumption is correct, the price will continue to rise to the levels of 1484.01 – 1585.56. The level 1397.47 is critical in this scenario.

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