Main scenario: consider long positions from corrections above the level of 1965.08 with a target of 2110.00 – 2170.00.
Alternative scenario: breakout and consolidation below the level of 1965.08 will allow the pair to continue declining to the levels of 1917.57 – 1889.05.
Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 1 of (5) formed as its part. Apparently, a descending correction finished developing as second wave 2 of (5) on the H4 chart, and the third wave 3 of (5) is forming. The third wave of smaller degree iii of 3 is developing on the H1 chart, with wave (i) of iii unfolding as its part. If the presumption is correct, the pair will continue to rise to the levels of 2110.00 – 2170.00. The level of 1965.08 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 1917.57 – 1889.05.
Price chart of XAUUSD in real time mode
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