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XAU/USD: wave analysis

The pair is in a correction, a fall is possible.

On the daily chart, an upward trend forms as the third wave of the higher level iii of C of (B). Now, a local correction is developing as the fourth wave of the lower level (iv) of iii, within which the wave c of (iv) is forming. If the assumption is correct, the pair will fall to the levels of 1412.74–1378.45. In this scenario, critical stop loss level is 1516.80.