XAU/USD remains likely to grow. Estimated pivot point is at the level of 1746.00.
Main scenario: consider long positions from corrections above the level of 1746.00 with the target in 1810.00 – 1830.00.
Alternative scenario: Breakout and consolidation below the level of 1746.00 will allow the pair to continue declining to the levels of 1704.32 – 1670.86.
Analysis: Supposedly, an ascending correction of larger degree continues developing in the form of wave (B) on the daily time frame, with wave С of (B) forming within. On the H4 time frame, supposedly, the fifth wave v of C is forming, with the local correction completed inside in the form of wave (iv) of v of C. The fifth wave of a smaller degree v of (v) of v is forming on H1 time frame. If the assumption is correct, the price will continue growing to 1810.00 – 1830.00. The level of 1746.00 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1704.32 – 1670.86.
Price chart of XAUUSD in real time mode
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