The XAU/USD pair is in correction, still likely to grow Estimated pivot point is at a level of 1511

Main scenario: long positions will be relevant above the level of $1511 with a target of $1650 – $1700 once the correction has formed.

Alternative scenario: breakout and consolidation below the level of $1511 will allow the pair to continue declining to the levels of $1480 – $1450.

Analysis: Supposedly, wave (B) of senior level continues developing on the weekly time frame, with an ascending impulse developing inside as wave C of (B). Apparently, the fifth wave v of C is developing on the daily time frame, with wave (i) of v formed inside. On the H4 time frame, presumably, a local correction continues developing as wave (ii) with wave c of (ii) forming inside. If the presumption is correct, the price will continue to rise to the levels $1650 – $1700 after correction. The level of $1511 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of $1480 – $1450