The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1397.47.
Main scenario: long positions will be relevant from corrections above the level of 1397.47 with a target of 1585.56 – 1650.00.
Alternative scenario: Breakout and consolidation below the level of 1397.47 will allow the pair to continue declining to the levels of 1344.58 – 1264.18.
Analysis: Supposedly, an ascending corrective wave of senior level (B) continues forming on the weekly time frame, with the wave C of (B) developing within. On the D1 time frame, presumably, the third wave iii of C is…
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