Main scenario: consider long positions above the level of 1862.45 with a target of 2130.03 – 2200.00. Alternative scenario: Breakout and consolidation below the level of 1862.45 will allow the pair to continue declining to the levels of 1787.62 – 1669.63. XAU/USD remains likely to grow. Estimated pivot point is at a level of 1862.45. Analysis: The ascending third wave of larger degree (3) presumably continues developing on the daily time frame, with wave 5 of (3) forming inside. Apparently, the third wave of smaller degree iii of 5 has formed on the H4 time frame and a local correction finished developing in the form ... (full story)