Main scenario: consider short positions from corrections below the level of 1967.17 with a target of 1784.64 – 1718.57.

Alternative scenario: breakout and consolidation above the level of 1967.17 will allow the pair to continue rising to the levels of 2014.94 – 2077.21.

Analysis: Daily time frame: presumably, the ascending third wave of larger degree (3) has formed, and a descending correction is now developing as wave (4). A wave of smaller degree А of (4) appears to have formed on the H4 time frame, and a local correction finished developing as wave В of (4). H1 time frame: wave C of (4) started forming, with wave i of С formed and local correction presumably completed as wave ii of C inside. If the assumption is correct, the pair will continue falling to the levels of 1784.64 – 1718.57. The level of 1967.17 is critical in this scenario, as the breakout will enable the pair to continue rising to the levels of 2014.94 – 2077.21.

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Price chart of XAUUSD in real time mode

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