The descending trend for XAU/USD continues. Estimated pivot point is at a level of 1210.47.
Main scenario: short positions will be relevant from corrections below the level of 1210.47 with a target of 1140.70 – 1120.00.
Alternative scenario: breakout and consolidation above the level of 1210.47 will allow the pair to continue rising to a level of 1252.93 and higher.
Analysis: A downward impetus 1 is supposed to continue developing within the wave (C) of senior level on the daily time frame. A downward impetus is developing as the third wave iii of 1 on the 4-hour timeframe with the wave (iii) of iii formed and the local correction (iv) of iii nearing completion inside. Supposedly, the third wave of junior level iii of (v) is developing on the 1H time frame. If the presumption is correct, the pair will resume falling to the levels of 1140.70 – 1120.00. The level 1210.47 is critical in this scenario.