Descending trend for the pair XAU/USD continues. Estimated pivot point is at a level of 1272.45.
Main scenario: short positions will be relevant from corrections below the level of 1272.45 with a target of 1233.00 – 1220.00.
Alternative scenario: breakout and consolidation above the level of 1272.45 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) in the 4-hour timeframe. A downward impetus continues developing as wave (iii) of iii in the 1-hour timeframe. If the presumption is correct, the price will continue falling to the levels of 1233.00 – 1220.00. The level 1272.45 is critical in this scenario.
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