Growth is possible.

On the daily chart, the fifth wave of the higher level (5) of 3 forms, within which the wave 1 of (5) ended, a downward correction formed 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 is developing, within which the wave (iii) of iii has ended, and a local correction is developing as the wave (iv) of iii. If the assumption is correct, the XAU/USD pair will grow to the area of 2480.00–2560.00. In this scenario, critical stop loss level is 2323.65.

During the Asian session, the XAU/USD pair traded at 2377.0, correcting within the uptrend.

The XAU/USD pair is consolidating near 2350.00. At the end of last week, quotes updated record highs, approaching the level of 2430.00, but the "bulls" failed to consolidate at this level, and many investors preferred to take profits on long positions.