Growth is possible.

On the daily chart, the third wave of the higher level 3 develops, within which the wave (5) of 3 forms. Now, a local correction has ended as the fourth wave of the lower level 4 of (5), within which the wave c of 4 has formed. If the assumption is correct, the XAU/USD pair will grow within the wave 5 of (5) to the area of 2011.90–2075.38. In this scenario, critical stop loss level is 1881.70.

Main scenario

Long positions will become relevant above the level of 1881.70 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 1881.70 will let the asset go down to the area of 1805.08–1726.85.