XAU/USD: Elliott wave analysis and forecast for 16/08/2019 – 23/08/2019

The pair XAU/USD is likely to fall under correction. Estimated pivot point is at a level of 1536.09.

Main scenario: short positions will be relevant from corrections below the level of 1536.09 with a target of 1471.02 – 1432.75.

Alternative scenario: breakdown and consolidation above the level of 1536.09 will allow the pair to continue the rise up to the levels of  1585.56 – 1650.00.

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 finished developing on the H4 time frame. Supposedly, a descending correction started forming  in the form of the fourth wave (iv) of iii on the H1 time frame. If the presumption is correct, the price will continue falling to the levels of 1471.02 – 1432.75. The level 1536.09 is critical in this scenar