Main scenario: consider long positions from corrections above the level of 1750.33 with a target of 1913.87 – 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 appears to continue developing on the H4 chart, with a local correction formed inside as wave (iv) of i. Apparently, the fifth wave (v) of i has started developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 1913.87 – 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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