The price is in a correction and may grow.
On the daily chart, a correction ended as the fourth wave of the higher level (4), and the fifth wave (5) develops, within which the entry first wave of the lower level 1 of (5) formed, and a correction ended as the second wave 2 of (5). Now, the third wave 3 of (5) is forming, within which the wave iii of 3 has formed, and the local correction iv of 3 is ending. If the assumption is correct, the XAU/USD pair will grow to the area of 2068.90–2176.75. In this scenario, critical stop loss level is 1927.30.
Main scenario
Long positions will become relevant above the level of 1927.30 with the targets at 2068.90–2176.75. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1927.30 will let the asset go down to the area of 1863.60–1802.50.
On the daily chart, a correction ended as the fourth wave of the higher level (4), and the fifth wave (5) develops, within which the entry first wave of the lower level 1 of (5) formed, and a correction ended as the second wave 2 of (5). Now, the third wave 3 of (5) is forming, within which the wave iii of 3 has formed, and the local correction iv of 3 is ending. If the assumption is correct, the XAU/USD pair will grow to the area of 2068.90–2176.75. In this scenario, critical stop loss level is 1927.30.
Main scenario
Long positions will become relevant above the level of 1927.30 with the targets at 2068.90–2176.75. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1927.30 will let the asset go down to the area of 1863.60–1802.50.