A fall is possible.

On the daily chart, the fifth wave of the higher level (5) of 5 develops, within which the wave 3 of (5) formed. Now, a correction is developing as the fourth wave 4 of (5), within which the wave a of 4 has formed, a correction has ended as the wave b of 4, and the wave c of 4 is forming. If the assumption is correct, the XAU/USD pair will fall to the area of 2416.00–2300.50. In this scenario, critical stop loss level is 2727.25.

The XAU/USD pair shows mixed dynamics, consolidating near the level of 2655.00. Market activity remains quite low as traders are in no hurry to open new positions ahead of the US Federal Reserve meeting, the results of which will be announced tomorrow at 21:00 (GMT+2). 

The XAU/USD pair is approaching a high of 2720.0: this week, the dynamics of the quotes will depend on the results of the meetings of the central banks of the world’s leading economies.