The pair XAU/USD is still likely to rise. Estimated pivot point is at a level of 1210.32.
Main scenario: long positions will be relevant from corrections above the level of 1210.32 with a target of 11263.50 – 1287.47.
Alternative scenario: breakout and consolidation below the level of 1210.32 will allow the pair to continue declining to a level of 1182.23.
Analysis: Supposedly, a downward momentum 1 finished developing within the wave (C) of senior level in the daily time frame, and an upward correction is forming in the form of wave 2 of (C). On H4 time-frame, apparently, wave a of 2 is developing with the fifths wave (v) of a, forming inside. Presumably, the third wave iii of (v) of junior level is developing in the H1 timeframe. If the presumption is correct, the price will continue rising to the levels of 1263.50 – 1287.47. The level 1210.32. is critical in this scenario.
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Price chart of XAUUSD in real time mode
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