Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1313.94.
Main scenario: short positions will be relevant from corrections below the level of 1313.94 with a target of 1250.50 – 1233.90.
Alternative scenario: breakdown and consolidation above the level of 1313.94 will allow the pair to continue the rise up to the levels of 1323.80 – 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 a local correction in the form of the second wave of junior level (ii) of iii finishing inside. If the presumption is correct, the price will continue falling to the levels of 1250.50 – 1233.90. The level 1313.94 is critical in this scenario.
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