The probability of growth remains.

On the daily chart, an upward third wave of the senior level 3 of (5) and a correction as the fourth wave 4 of (5) appeared. On the 4-hour time interval, wave c of 4 has appeared, and the fifth wave 5 of (5) is being formed. 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 4007.90.

During the morning session, the XAU/USD pair is holding just below the key support level of the beginning of the year, 4300.0, amid a decline in the balance of investment exchange-traded funds (ETFs), continuing for the second consecutive month.

At the end of last week, the XAU/USD pair renewed the low of March 24, following the US May labor market data. During today’s morning session, it is slightly adjusting at 4300.15.

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.