XAU/USD: Elliott Wave Analysis And Forecast For 20/03/2020 – 27/03/2020

The pair {XAU/USD is still likely to fall. Estimated pivot point is at a level of 1155.37.
Main scenario: short positions will be relevant from corrections below the level of 1155.37 with a target of 1362.95 – 1265.31.
Alternative scenario: breakout and consolidation above the level of 1155.37 will allow the pair to continue rising to the levels of 1606.15 – 1700.00.
Analysis: Supposedly, wave (B) of senior level is nearing completion on the daily time frame, with an ascending impulse developed inside as wave C of (B). Apparently, a descending wave (C) started developing on the H4 time frame with the first counter-trend wave of junior level (i) of i of 1 of (C) formed inside. Supposedly, local correction (ii) of i of 1 formed on the H1 time frame. If the presumption is correct, the pair will resume falling to the levels of 1362.95 – 1265.31. The level of 1155.37 is critical in this scenario as the breakout will enable the pair to continue growing to the levels 1606.15 – 1700.00.