A decline is possible.

On the daily chart, the fifth wave of the wave (5) of the high, in which wave (3) of 5 was formed, is developing upwards. Currently, the correction is developing as the fourth wave 4 of (5), in which wave a of 4 ended, and the correction was formed as wave b of 4. If the forecast is correct, the XAU/USD pair will fall to the 2416.00–2300.50 zone along with wave c of 4. The critical stop loss level in this scenario is 2792.85.

Main scenario

Short positions would be appropriate below 2792.85 with targets of 2416.00–2300.50. Trading period: 7 days and above.