Main scenario: consider long positions from corrections above the level of 1848.26 with a target of 1973.73 – 2077.22.
Alternative scenario: breakout and consolidation below the level of 1848.26 will allow the pair to continue declining to the levels of 1750.33 – 1666.82.
Analysis: The ascending third wave of larger degree (3) presumably continues developing on the daily time frame, with wave 5 of (3) forming inside. The third wave of smaller degree iii of 5 appears to have 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 wave (i) of v developing inside. If the presumption is correct, the pair will continue to rise to the levels of 1973.73 – 2077.22. The level of 1848.26 is critical in this scenario, as the breakout will enable the pair to continue declining to the levels of 1750.33 – 1666.82.
Price chart of XAUUSD in real time mode
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