XAU/USD: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1491.28.

Main scenario: long positions will be relevant from corrections above the level of 1491.28 with a target of 1585.56 – 1650.00.

Alternative scenario: Breakout and consolidation below the level of 1491.28 will allow the pair to continue declining to the levels of 1446.41 – 1412.66.

Analysis: Presumably, the ascending correction of senior level continues developing as wave (B) on the weekly time frame, with wave C developing inside. Apparently, the third wave of junior level iii of C continues developing on the daily time frame, with wave (iii) of iii forming within. Supposedly, the fifth wave v of (iii) is developing on the 1H time frame. If the presumption is correct, the pair will resume growing to the levels of 1585.56 – 1650.00. The level 1491.28 is critical in this scenario.