XAU/USD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

Downtrend is likely to continue for XAU/USD. Estimated pivot point is at a level of 1237.10.

Main scenario: short positions will be relevant from corrections below the level of 1237.10 with a target of 1182.23 – 1159.51.

Alternative scenario: breakout and consolidation above the level of 1237.10 will allow the pair to continue rising to a level of 1263.50.

Analysis: Supposedly, a downward impetus 1 finished developing within the wave (C) of senior level on the daily time frame. On the H4 time-frame, apparently, an upward correction has finished developing in the form of the plane-shaped wave 2 of C. Apparently, the wave 3 starts forming on the H1 time-frame, with the first wave of junior level (i) of i formed and the local correction (ii) of i completed inside. If the presumption is correct, the pair will logically drop to the levels 1182.23 – 1159.51. The level 1237.10 is critical in this scenario.