The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1301.36.
Main scenario: long positions will be relevant above the level of 1301.36 with a target of 1385.94 – 1482.11.
Alternative scenario: Breakout and consolidation below the level of 1301.36 will allow the pair to continue declining to the levels of 1253.16 – 1159.49.
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. Apparently,an ascending impetus is developing in wave (iii) of iii on the 4-hour timeframe. If the presumption is correct, the price will continue to rise to the levels of 1385.94 – 1482.11. The level 1301.36 is critical in this scenario.
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Price chart of XAUUSD in real time mode
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