Growth is possible.

On the daily chart, the fifth wave of the higher level (5) develops, within which the third wave of the lower level 3 of (5) ended, and a local correction ended as the fourth wave 4 of (5). Now, the formation of the fifth wave 5 of (5) has started, within which the first wave of the lower level i of 5 develops. If the assumption is correct, the XAU/USD pair will grow to the area of 2011.90–2075.38. In this scenario, critical stop loss level is 1901.85.

Main scenario

Long positions will become relevant above the level of 1901.85 with the targets at 2011.90–2075.38. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1901.85 will let the asset go down to the area of 1869.95–1840.00.