The XAU/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1516.80.
Main scenario: short positions will be relevant from corrections below the level of 1516.80 with a target of 1412.74 – 1378.45.
Alternative scenario: breakdown and consolidation above the level of 1516.80 will allow the pair to continue the rise up to the levels of 1585.56 – 1650.00.
Analysis: Supposedly, wave (B) of senior level continues developing on the weekly time frame, with wave C of (B) forming inside. Apparently, an ascending impulse is forming as the third wave iii of C…
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