The price could grow.

On the daily chart, the ascending third wave of a higher degree 3 of (5) and the correction as the fourth wave 4 of (5) have completed, and the fifth wave 5 of (5) has started. Currently, the leading first wave i of 5 is developing, within which the correction as the fourth wave (iv) of i has finished, and the fifth wave (v) of i is forming. If the assumption is correct, the XAU/USD pair will grow to the area of 4890.00–5585.00. The critical stop loss level for this scenario is 4163.50.

On the daily chart, the trading instrument is correcting towards the medium-term upward trend. Last week, it tested the level of 4241.50 (correction 61.8%), after breaking below which the decline could continue to the level of 3960.60 (correction 100.0%), but the price will have to break below the oncoming upward fan. However, in case of a breakout above the middle line of the Bollinger Bands 4415.60 (correction 38.2%), growth to 4697.00 (correction 0.0%, expansion 61.8%) and 4970.00 (expansion 100.0%) is expected.