Main scenario: consider long positions from corrections above the level of 1750.33 with a target of 1960.00 – 2075.27.
Alternative scenario: breakout and consolidation below the level of 1750.33 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 continues developing, with wave (iii) of i completed inside, in the H4 timeframe. The local correction has completed as the fourth wave (iv) of i in the hourly timeframe. If the presumption is correct, the pair will continue to rise to the levels of 1960.00 – 2075.27. The level of 1750.33 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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