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The pair XAU/USD is still likely to fall under correction. Estimated pivot point is at a level of 1536.09.
Main scenario: short positions will be relevant from corrections below the level of 1536.09 with a target of 1471.02 – 1432.75.
Alternative scenario: breakdown and consolidation above the level of 1536.09 will allow the pair to continue the rise up to the levels of 1585.56 – 1650.00.
Analysis: Supposedly, the third wave of senior level iii of C of (B) continues forming on the daily time frame. Apparently, the third wave of junior level (iii) of iii finished developing on the…
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