The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1458.80.
Main scenario: long positions will be relevant from corrections above the level of 1458.80 with a target of 1585.56 – 1650.00.
Alternative scenario: Breakout and consolidation below the level of 1458.80 will allow the pair to continue declining to the levels of 1412.74 – 1378.45.
Analysis: Supposedly, the third wave of senior level iii of C of (B) continues forming on the daily time frame, with wave (iii) of iii formed inside. On the H4 time frame, apparently, the local correction has finished developing…
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