XAU/USD: wave analysis and forecast for 30.08.19 – 06.09.19

The probability of an increase in XAU/USD remains. Estimated pivot point is at the level of 1491.28.

Main scenario: “long positions” are relevant from corrections above the level of 1491.28 with the target of 1585.56 – 1650.00.

Alternative scenario: breakout and consolidation below the level of 1491.28 will allow the price to decrease to 1446.41 – 1412.66.

Analysis: within the daily timeframe, the formation of the third wave of the senior level iii of С of (B) presumably continues. On the 4 – hour timeframe, the third wave of the junior level (iii) of iii apparently continues developing. Within the H1 timeframe, the fifth wave v of (iii) is presumably forming; if the assumption is correct, then the price will continue to increase to 1471.02 – 1432.75. Critical level for this scenario is 1491.28.