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 daily time frame, apparently, with wave (iii) of iii formed inside. Supposedly, a downward local correction is forming as the fourth wave (iv) of iii on the H1 time frame. If this assumption is correct, the pair will continue to rise to the levels 1585.56 – 1650.00 once the correction’s over. The level 1444.44 is critical in this scenario.