Main scenario: consider long positions from corrections above the level of 2324.77 with a target of 2450.00 – 2500.00.
Alternative scenario: breakout and consolidation below the level of 2324.77 will allow the pair to continue declining to the levels of 2154.83 – 2019.86.
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 first wave 3 of (5) forming as its part. Apparently, the third wave of smaller degree iii of 3 is forming on the H4 time frame, with wave (iii) of iii developing inside. Wave iii of (iii) is formed, a correction is completed as wave iv of (iii), and wave v of (iii) is unfolding on the H1 chart. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2450.00 – 2500.00. The level of 2324.77 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 2154.83 – 2019.86.
Price chart of XAUUSD in real time mode
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