The XAU/USD pair continues to depreciate, extending its decline for the third consecutive month, retreating from February highs near 5419.10 and testing the 4460.00 level during the Asian session.

During the morning session, the XAU/USD pair is testing 4520.00 for a breakout, recovering after a “bearish” start of the week.

The probability of growth remains.

On the daily timeframe, the upward development of the third wave of the higher-order degree 3 within wave (5) is continuing, including wave iii of 3, the correction as wave iv of 3 has concluded, and wave v of 3 at a lower degree is currently forming. On the four-hour timeframe, wave (i) of v has formed, followed by a corrective phase as wave (ii) of v. If this scenario proves correct, the XAU/USD pair’s upward trend is expected to continue toward the 5585.00–6500.00 zone with a critical stop loss at 4344.85.

The quotes of the XAU/USD pair are holding just above the key start-of-year support level at 4500.0 dollars per ounce, while investors are attempting to assess the latest signals regarding a potential settlement of the Middle East conflict.