The pair XAU/USD remains likely to grow. Estimated pivot point is at a level of 1470.14.
Main scenario: long positions should be considered from corrections above the level of 1470.14 with a target of 1557.48 – 1600.00.
Alternative scenario: breakout and consolidation below the level of 1470.14 will allow the pair to continue declining to the levels of 1430.00 – 1412.74.
Analysis: Supposedly, wave (B) of senior level continues developing on the daily time frame, with an ascending impulse developing inside as wave C of (B). Supposedly, a local correction is completed as the fourth wave iv of C on…
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