The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1444.44.
Main scenario: long positions will be relevant above the level of 1444.44 with a target of 1585.56 – 1650.00 once correction has formed.
Alternative scenario: Breakout and consolidation below the level of 1444.44 will allow the pair to continue declining to the levels of 1409.49 – 1373.28.
Analysis: Presumably, the ascending correction of senior level continues forming as wave (B) on the 1-week time frame, with wave C developing inside. The third wave of junior level iii of С continues developing on the…
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