Growth is possible.

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) develops. Now, the first wave of the lower level i of 3 is forming, within which the wave (v) of i is developing. If the assumption is correct, the XAU/USD pair will grow to the area of 2250.00–2305.00. In this scenario, critical stop loss level is 2041.22.

Main scenario

Long positions will become relevant above the level of 2041.22 with the targets at 2250.00–2305.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 2041.22 will let the asset go down to the area of 1927.15–1808.70.