Ascending trend of XAU/USD continues. Estimated pivot point is at a level of 1907.61.
Main scenario: consider long positions from corrections above the level of 1907.61 with a target of 2020.00 – 2050.00.
Alternative scenario: Breakout and consolidation below the level of 1907.61 will allow the pair to continue declining to the levels of 1861.83 – 1826.47.
Analysis: The ascending third wave of larger degree (3) presumably continues developing on the daily time frame, with wave 5 of (3) forming inside. Apparently, the third wave of smaller degree iii of 5 is forming on the H4 time frame, with wave…
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