Main scenario: consider long positions from corrections above the level of 1721.11 with a target of 1915.00 – 2075.27.
Alternative scenario: breakout and consolidation below the level of 1721.11 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 has developed as the fourth wave (4), and the fifth wave (5) appears to be unfolding, with the first wave of smaller degree 1of (5) formed inside. H4 chart: apparently, a corrective wave 2 of (5) is completed, and wave 3 of (5) has started unfolding, with wave i of 3 formed inside. On the H1 chart, a correction finished developing as wave ii of 3, supposedly, and wave iii of 3 has started to form, with wave (ii) of iii completed 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 1721.11 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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