The XAU/USD pair is holding at the level of 2330.00. Investors’ activity is still low as the macroeconomic statistics coming to the market is mixed, and trading participants are reluctant to open new positions on the eve of the US Independence Day.

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.