A fall is possible.

On the daily chart, the third wave of the higher level 3 develops, within which the wave (5) of 3 forms. Now, the first wave of the lower level 1 of (5) has formed, and a downward correction is developing as the second wave 2 of (5), within which the wave c of 2 is forming. If the assumption is correct, the XAU/USD pair will fall to the area of 1790.10–1723.50. In this scenario, critical stop loss level is 1882.00.

Main scenario

Short positions will become relevant below the level of 1882.00 with the targets at 1790.10–1723.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1882.00 will let the asset grow to the area of 1947.00–2011.90.