XAU/USD: Wave analysis and forecast for 10/05/19 – 17/05/19

The pair XAU/USD is likely to grow. Estimated pivot point is at a level of 1266.18.

Main scenario: long positions will be relevant from corrections above the level of 1266.18 with a target of 1347.02 – 1385.94.

Alternative scenario: breakout and consolidation below the level of 1266.18 will allow the pair to continue declining to a level of 1252.00 – 1229.91.

Analysis: Supposedly, the third wave of senior level  iii of C continues forming on the daily time frame as part of wave (B). Apparently a downward correction has completed on H4 time frame in the form of the wave  (ii) of iii, with the wave c of (ii) formed inside. Presumably the third wave of junior level (iii) of iii is starting to develop on the H1. Timeframe. If the presumption is correct, the price will logically grow to the levels of 1347.02 – 1385.94. The level 1266.18 is critical in this scenario.