The pair XAU/USD is still likely to fall. Estimated pivot point is at a level of 1298.36.
Main scenario: short positions will be relevant below the level of 1298.36 with a target of 1159.50 – 1097.76.
Alternative scenario: breakout and consolidation above the level of 1298.36 will allow the pair to continue rising to a level of 1310.38 and higher.
Analysis: Supposedly, the wave of senior level (C) continues developing on the daily time frame, with the wave 1 of (C) formed inside. On the H4 time-frame, apparently, an upward correction is completed in the form of the wave 2 of (C). Supposedly, the first counter-trend wave of junior level (i) of i of 3 is forming on the H1 time frame. If the presumption is correct, the price will logically drop to the levels of 1159.50 – 1097.76 in the long term. The level 1298.36 is critical in this scenario.