Main scenario: consider short positions from corrections below the level of 1900.15 with a target of 1718.57 – 1606.95.

Alternative scenario: breakout and consolidation above the level of 1900.15 will allow the pair to continue rising to the levels of 1965.30 – 2014.94.

Analysis: Daily time frame: presumably, the ascending third wave of larger degree (3) 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) is forming, with local correction completed as wave ii of С and wave iii of C forming inside. If the assumption is correct, the pair will continue falling to the levels of 1718.57 – 1606.95. The level of 1900.15 is critical in this scenario, as the breakout will enable the pair to continue rising to the levels of 1965.30 – 2014.94.

XAUUSD current rate in the Forex market:

XAUUSD = 1 786.25

1-day change

-25.15 (-1.39%)

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Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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