Main scenario: consider long positions from corrections above the level of 1906.07 with a target of 2077.22 – 2130.03.
Alternative scenario: breakout and consolidation below the level of 1906.07 will allow the pair to continue declining to the levels of 1862.02 – 1822.71.
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 presumably, a local correction finished developing in the form of wave iv of 5. The fifth wave v of 5 started to develop on the H1 time frame, with a local correction developing in the form of wave (ii) of v inside. If the presumption is correct, the price will continue to rise to the levels of 2077.22 – 2130.03 after the correction. The level of 1906.07 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1862.02 – 1822.71.
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Price chart of XAUUSD in real time mode
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