Main scenario: consider long positions from corrections above the level of 1749.22 with a target of 1915.00 – 2075.27.
Alternative scenario: breakout and consolidation below the level of 1749.22 will allow the pair to continue declining to the levels of 1673.63 – 1602.20.
Analysis: Daily chart: an ascending third wave of larger degree (3) is formed, a descending correction developed as the fourth wave (4), and the fifth wave (5) appears to be unfolding. H4 chart: apparently, the first wave of smaller degree 1of (5) is formed, a corrective wave 2 of (5) is completed, and wave 3 of (5) started unfolding. On the H1 chart, a local correction finished developing as wave ii of 3, supposedly, and wave iii of 3 started to form, with wave (iii) of iii developing as part of it. If the presumption is correct, the pair will continue to rise to the levels of 1915.00 – 2075.27. The level of 1749.22 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1673.63 – 1602.20.
Price chart of XAUUSD in real time mode
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