Main scenario: consider long positions from corrections above the level of 1719.93 with a target of 1960.00 – 2075.27.
Alternative scenario: breakout and consolidation below the level of 1719.93 will allow the pair to continue declining to the levels of 1673.63 – 1601.98.
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, with the third wave of smaller degree 3 of (5) starting to form inside. Wave i of 3 and a corrective wave ii of 3 appear to have formed on the H4 chart. The third wave iii of 3 has also started developing. The first wave of smaller degree (i) of iii is formed and a local correction (ii) of iii is presumably completed on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 1960.00 – 2075.27. The level of 1719.93 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1673.63 – 1601.98.
Price chart of XAUUSD in real time mode
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