Growth is possible.

On the weekly chart, the fifth wave of the higher level (5) of 5 developed, within which the wave 1 of (5) formed, a correction ended as the second wave 2 of (5) and the third wave 3 of (5) forms. Now, on the daily chart, the fifth wave of the lower level v of 3 is developing. If the assumption is correct, the XAU/USD pair will grow to the area of 2650.00–2900.00. In this scenario, critical stop loss level is 2362.70.

Main scenario

Long positions will become relevant above the level of 2362.70 with the targets at 2650.00–2900.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 2362.70 will let the asset go down to the area of 2142.50–1997.50.