Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1308.54.
Main scenario: short positions will be relevant from corrections below the level of 1308.54 with a target of 1250.50 – 1233.90.
Alternative scenario: breakout and consolidation above the level of 1308.54 will allow the pair to continue rising to a level of 1333.42.
Analysis: The wave (С) of senior level supposedly continues developing within the daily time frame, with the first wave 1 of (C) forming inside. Apparently, the wave iii of 1 is developing locally, with the third wave of junior level (iii) of iii forming inside. If the presumption is correct, the price will continue falling to the levels of 1250.50 – 1233.90. The level 1308.54 is critical in this scenario.
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