The XAU/USD pair is under correction, still likely to grow. Estimated pivot point is at a level of 1183.05.
Main scenario: long positions will be relevant from corrections above the level of 1183.05 with a target of 1263.50 – 1288.00.
Alternative scenario: breakout and consolidation below the level of 1183.05 will allow the pair to continue declining to the levels of 1140.70 – 1120.00.
Analysis: Supposedly, a downward impetus 1 finished developing within the wave (C) of senior level on the daily time frame. An upward correction is developing on H4 time frame in the form of wave 2 of (C), with the wave (c) of 2 forming inside. On the H1 time frame, supposedly the wave iii of (c) has been formed and a local correction (iv) of c is completed. If the presumption is correct, the price will continue to rise to the levels of 1263.50 – 1288.00. The level 1183.24 is critical in this scenario.
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Price chart of XAUUSD in real time mode
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