Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1237.97.
Main scenario: short positions will be relevant from corrections below the level of 1237.97 with a target of 1200.00 – 1170.58.
Alternative scenario: breakout and consolidation above the level of 1237.97 will allow the pair to continue rising to a level of 1310.14.
Analysis: Supposedly, an ascending wave of senior level C of (В) finished developing within the daily time frame and the wave (C) started forming. A downward impetus is developing as the third wave iii inside the wave 1 of (C) on the 4-hour timeframe. Supposedly, the third wave of junior level (iii) of iii continues to develop on the 1H time frame. If the presumption is correct, the price will continue falling to the levels of 1200.00 – 1170.58. The level 1237.97 is critical in this scenario.
Price chart of XAUUSD in real time mode
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