XAU/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1216.46.

Main scenario: short positions will be relevant from corrections below the level of 1216.46 with a target of 1140.70 – 1120.00.

breakout and consolidation above the level of 1216.46 will allow the pair to continue rising to a level of 1266.50.

Analysis: Supposedly, an ascending wave of senior level C of (В) finished developing within the daily time frame and the wave (C) continues forming. A downward impetus is developing as the third wave iii inside the wave 1 of (C) on the 4-hour timeframe. Supposedly, the third wave of junior level (iii) of iii continues to develop in the form of an impetus on the 1H time frame. If the presumption is correct, the price will continue falling to the levels of 1140.70 – 1120.00. The level 1216.46 is critical in this scenario.