On the daily chart, the fifth wave of the higher level (5) of 3 develops, within which the wave 1 of (5) formed, a downward correction ended as the second wave 2 of (5), and the third wave 3 of (5) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iii) of iii is forming. If the assumption is correct, the XAU/USD pair will grow to the area of 2403.00–2480.00. In this scenario, critical stop loss level is 2266.12.
Main scenario
Long positions will become relevant above the level of 2266.12 with the targets at 2403.00–2480.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 2266.12 will let the asset go down to the area of 2143.30–2047.26.
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