The price is in a correction and may grow.

On the daily chart, the fifth wave of the higher level (5) of 3 develops, within which the wave 1 of (5) formed, a downward correction ended as the second wave 2 of (5), and the third wave 3 of (5) develops. Now, the third wave of the lower level iii of 3 is forming, within which the wave (iii) of iii has ended, and a local correction is ending as the wave (iv) of iii. If the assumption is correct, the XAU/USD pair will grow to the area of 2480.00–2560.00. In this scenario, critical stop loss level is 2253.15.

Quotes of the XAU/USD pair continue their upward trend at 2287.0; however, a correction is now observed, which indicates a decrease in interest in the asset from short-term investors amid weakening expectations regarding changes in monetary policy in the United States in the near future.

The XAU/USD pair is moving within the long-term upward trend: the price has been testing the lower limit of the main Murrey trading range of 2000.00 (Murrey level [0/8]) for a long time but could not break it. In mid-February, the quotes resumed positive dynamics, entered the positive part of the trading range, and reached the pivot point of 2375.00 (Murrey level [6/8]), where they reversed and retreated to 2312.50 (Murrey level [5/8]), supported by the middle line of the bands Bollinger.

The XAU/USD pair is showing a fairly active decline, developing the "bearish" impetus formed the day before. Quotes are testing the level of 2310.00 for a breakdown, updating local lows from April 5.