The XAU/USD pair is in the range of 3432.00–3263.00, waiting for new drivers for movement.

Growth is possible.

On the daily chart, the upward third wave of the highest level 3 of (5) develops, and the wave iii of 3 and the correctional wave iv of 3 formed. On the four-hour chart, the wave v of 3 is forming, within which the first entry wave of the lowest level (i) of v is developing, and the correctional second wave (ii) of v is ending. If the assumption is correct, the XAU/USD pair will move to the area of 3600.00–3800.00. In this scenario, the critical stop loss level is 3268.08.

After the XAU/USD pair corrected to the middle line of Bollinger Bands 3359.38 (Murrey level [6/8]) on Monday, it continues to move within the medium-term sideways range 3281.25–3437.50 (Murrey level [4/8]–[8/8]).

Last week, the XAU/USD pair was once again close to renewing its annual high of 3500.0, which was associated with the announcement by President Donald Trump about the introduction of 39.0% duties on imports of gold bars weighing more than 100.0 ounces into the United States.