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XAU/USD: wave analysis

The price may fall.

On the 4-hour chart, an upward correction of the higher level developed as the wave (B), within which the fifth wave v of C developed. Now, the formation of the wave (C) has started, within which the first entry wave of the lower level (i) of i of 1 of (C) is developing. If the assumption is correct, the price will fall to the levels of 1667.44–1600.00. In this scenario, critical stop loss level is 1765.45.