Growth is possible.

On the daily chart, a downward correction formed as the fourth wave of the higher level (4), and the fifth wave (5) develops, within which the third wave of the lower level 3 of (5) formed. Now, a correction has ended as the fourth wave 4 of (5), and the fifth wave 5 of (5) is developing. If the assumption is correct, the XAU/USD pair will grow to the area of 2075.38–2130.00. In this scenario, critical stop loss level is 1889.35.

Main scenario

Long positions will become relevant above the level of 1889.35 with the targets at 2075.38–2130.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1889.35 will let the asset go down to the area of 1869.00–1805.35.