Main scenario: consider long positions from corrections above the level of 1803.28 with a target of 1960.41 – 2073.73.
Alternative scenario: breakout and consolidation below the level of 1803.28 will allow the pair to continue declining to the levels of 1760.88 – 1718.57.
Analysis: Daily time frame: presumably, the ascending third wave of larger degree (3) formed, and a descending correction developed as wave (4). The fifth wave (5) appears to be developing on the H4 time frame, with wave 1 of (5) formed and a local correction completed as wave 2 of (5) inside. The third wave 3 of (5) started developing on the H1 time frame, with wave i of 3 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1960.41 – 2073.73. The level of 1803.28 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1760.88 – 1718.57.
Price chart of XAUUSD in real time mode
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