The XAU/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1534.67.
Main scenario: short positions will be relevant below the level of 1534.67 with a target of 1446.96 – 1412.74.
Alternative scenario: breakdown and consolidation above the level of 1534.67 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, with wave (iii) of iii formed inside. Apparently, a local correction is developing in the form of wave (iv) of iii on the H4 time frame. Wave b of (iv) is completed and wave c of (iv) started formed on the H1 time frame. If the presumption is correct, the price will continue falling to the levels of 1446.96 – 1412.74. The level 1534.67 is critical in this scenario.
XAU/USD: Elliott Wave Analysis And Forecast For Sept. 27- Oct. 4
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