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Main scenario: consider long positions from corrections above the level of 1931.38 with a target of 2060.00 – 2100.00
Alternative scenario: breakout and consolidation below the level of 1931.38 will allow the pair to continue declining to the levels of 1903.23 – 1865.33.
Analysis: on the daily chart, a downside correction presumably finished developing as the fourth wave of larger degree (4), and the fifth wave (5) is forming. Apparently, the third wave of smaller degree 3 of (5) is formed on the H4 chart, and a local correction is completed as the fourth wave 4 of (5). Apparently, the fifth wave 5 of (5) started developing on the H1 chart. If this assumption is correct, the pair will continue to rise to 2060.00 – 2100.00. The level of 1931.38 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1903.23 – 1865.33.
Price chart of XAUUSD in real time mode
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