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.

Growth 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) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iii) of iii is forming. If the assumption is correct, the XAU/USD pair will grow to the area of 2403.00–2480.00. In this scenario, critical stop loss level is 2266.12.

The XAU/USD pair is correcting in an upward trend, trading at 2359.0: now there is another wave of growth, supported by both individual and institutional investors.