The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1326.67.
Main scenario: short positions will be relevant below the level of 1326.67 with a target of 1243.18 – 1159.49.
Alternative scenario: breakout and consolidation above the level of 1326.67 will allow the pair to continue rising to a level of 1400.00 and higher.
Analysis: Supposedly, the wave of senior level (C) continues developing on the daily time frame, with the wave 1 of (C) formed inside. On H4 time-frame, apparently, an upward correction is completed in the form of the wave 2 of (C), with the wave c of 2 formed inside. Supposedly, the first counter-trend wave of junior level i of (i) is formed on the H1 time frame. If the presumption is correct, the price will logically drop to the levels of 1243.18 – 1159.49 in the long term. The level 1326.67 is critical in this scenario.
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Price chart of XAUUSD in real time mode
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