Growth is possible.

On the daily chart, the fifth wave of the higher level (5) of 3 forms, within which the wave 1 of (5) ended, a downward correction formed as the second wave 2 of (5), and the third wave 3 of (5) develops. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iii) of iii has ended, and a local correction is developing as the wave (iv) of iii. If the assumption is correct, the XAU/USD pair will grow to the area of 2480.00–2560.00. In this scenario, critical stop loss level is 2323.65.

Main scenario

Long positions will become relevant above the level of 2323.65 with the targets at 2480.00–2560.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 2323.65 will let the asset go down to the area of 2143.30–2047.26.