The price is in correction, and the possibility of decline continues to be maintained.

On the weekly chart, the development of the fifth wave with the larger level 5 continues, within which wave (5) of 5 is formed. On the daily chart, the third wave with the smaller level 3 of (5) has ended, and the correction is observed in the form of the fourth wave 4 of (5), within which wave a of 4 has been formed, and the correction is developing in the form of wave b of 4. If this prediction is correct, the XAU/USD pair will fall to the area of 2416.00–2300.50. The critical stop loss level for this scenario is considered to be the point 2792.85.

Main scenario

Short trades are effective below the level of 2792.85, with targets set at points 2416.00–2300.50. Execution period: 7 days and more.

Alternative scenario

Breaking and consolidating the price below the level of 2792.85 will allow the trading instrument to continue the downward movement to the area of 2950.00–3100.00.