XAU/USD: Wave analysis and forecast for 26/04/2019 – 03/05/2019

The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1311.56.

Main scenario: short positions will be relevant from corrections below the level of 1311.56 with a target of 1252.00 – 1229.91.

Alternative scenario: breakout and consolidation above the level of 1311.56 will allow the pair to continue rising to a level of 1385.94.

Analysis: Supposedly, the third wave of senior level  iii of C continues forming on the daily time frame as part of wave (B). Apparently a downward correction is developing on the H4 time frame in the form of the wave