Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1272.45.
Main scenario: short positions will be relevant with a target of 1220.00 once correction has finished below the level of 1272.45.
Alternative scenario: breakout and consolidation above the level of 1272.45 will allow the pair to continue rising to a level of 1310.14.
Analysis: Supposedly, an ascending wave of senior level C of (В) finished developing on the daily time frame and the wave (C) started forming. A downward impetus is developing as the third wave iii в inside the wave 1 of (C) on the 4-hour timeframe. On the 1-hour time frame, a descending impetus in the form of wave (iii) of iii has been formed and an ascending correction (iv) of iii is forming at the moment. If the presumption is correct, the pair will continue to fall to the level of 1.1220 once the correction has been completed. The level 1272.45 is critical in this scenario.
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