The pair XAU/USD is still likely to grow. Estimated pivot point is at a level of 1280.14.
Main scenario: long positions will be relevant from corrections above the level of 1280.14 with a target of 1385.94.
Alternative scenario: Breakout and consolidation below the level of 1280.14 will allow the pair to continue declining to the levels of 1244.40 – 1194.20.
Analysis: Supposedly, the third wave of senior level iii of C continues forming on the daily time frame. Apparently the fifth wave of junior level (v) of iii of C started developing on the H4 time frame. Presumably the wave i of (v) has been formed and the correction ii of (v) finished forming on the H1 time frame. If this assumption is correct, the pair will go on growing to the level of 1385.94. The level 1280.14 is critical in this scenario.