Over the past six weeks, the XAU/USD pair has been making attempts to decline and is now holding in the area of 2328.94: the uncertainty of further monetary policy in the United States exerts pressure on the quotes of precious metals.

The price is in a correction and a fall is possible.

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 has formed, and a local correction is forming as the fourth wave iv of 3, within which the wave (c) of iv is forming. If the assumption is correct, the XAU/USD pair will fall to the area of 2219.07–2163.55. In this scenario, critical stop loss level is 2326.15.

On the four-hour chart, the price is declining as part of a downtrend, holding at the level of 2313.26, which is facilitated by the construction of a Tower Top candlestick pattern at the level of 2387.79, which included a Hanging Man reversal pattern. 

The XAU/USD pair shows slight growth, trying to recover after a rather active decline at the end of last week. The instrument is testing 2325.00 for a breakout, while trading participants await the emergence of new drivers.