The pair XAU/USD remains likely to fall. Estimated pivot point is at a level of 1764.82.
Main scenario: consider short positions from corrections below the level of 1764.82 with a target of 1634.13 – 1599.64.
Alternative scenario: breakout and consolidation above the level of 1764.82 will allow the pair to continue rising to the levels of 1800.00 – 1850.00.
Analysis: Supposedly, an ascending correction of larger degree finished developing in the form of wave (B) on the daily time frame, with wave С of (B) formed inside. Apparently, wave (C) started developing on the H4 time frame with the first…
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