The pair is in correction, the probability of growth is maintained.

On the daily chart, the development of the ascending third wave of the higher level 3 of (5) continues, within which wave iii of 3 has formed. At the moment, on the four-hour chart, the development of a local correction as wave iv of 3 is nearing completion, and wave (c) of iv is also being built. If the assumption is correct, the upward dynamics of the XAU/USD pair will continue to the area of 3800.00–4000.00. The level of 2958.25 is critical and stop-loss for this scenario.

Gold quotes have been declining for the second week in a row, correcting to a long-term upward trend, and are currently testing the 3125.00 mark (Murrey level [4/8]). Positive trading signals, as well as possible changes in the monetary policy of the US Federal Reserve, are putting pressure on prices, which will encourage investors to abandon traditional safe-haven assets.

Gold prices are falling during the morning session, once again testing 3220.00 for a breakdown and approaching the local lows of May 1, updated at the beginning of the week.