The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1210.32.
Main scenario: long positions will be relevant from corrections above the level of 1210.32 with a target of 1263.50 – 1287.47.
Alternative scenario: breakout and consolidation below the level of 1210.32 will allow the pair to continue declining to a level of 1182.23.
Analysis: On the daily time frame, supposedly a downward impetus 1 finished developing within the wave (C) of senior level and an ascending correction is forming as wave 2 of (C). Apparently, the wave a of 2 is developing on the H4 time frame with the fifth wave (v) of a forming inside. Presumably the third wave of junior level iii of (v) has been formed on H1 time frame, and a local correction iv of (v) is developing. If the presumption is correct, the price will continue to rise to the levels 1263.50 – 1287.47 after correction. The level 1210.32 is critical in this scenario.
