XAU/USD: Wave analysis and forecast for 22/06/2018 – 29/06/2018

Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1309.47.

Main scenario: short positions will be relevant from corrections below the level of 1309.47 with a target of 1250.50 – 1233.90.

Alternative scenario: breakdown and consolidation above the level of 1309.47 will allow the pair to continue the rise up to the levels of 1325.72 – 1355.62.

Analysis: Supposedly, an ascending wave of senior level C of (В) finished developing within the daily time frame and the wave (C) started forming. A downward impetus is developing as the third wave iii в inside the wave 1 of (C) in the 4-hour timeframe. Apparently, a downward impetus is developing as wave (iii) of iii in the 1-hour timeframe. If the presumption is correct, the price will continue falling to the levels of 1250.50 – 1233.90. The level 1309.47 is critical in this scenario.