The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1276.00.
Main scenario: long positions will be relevant from corrections above the level of 1276.00 with a target of 1385.94.
Alternative scenario: Breakout and consolidation below the level of 1276.00 will allow the pair to continue declining to the levels of 1244.40 – 1194.20.
Analysis: On the 1-week frame, supposedly a long-term correction of senior level continues to develop as wave (B) in the form of plane ABC. On the 1-day time frame, apparently the third wave of junior level iii of C of (B) is forming. Presumably an ascending impetus has been formed in the wave (iii) of iii on the H4 time frame, and a local correction (iv) of iii is completed. If this assumption is correct, the pair will go on growing to the level of 1385.94. The level 1276.00 is critical in this scenario.
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Price chart of XAUUSD in real time mode
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