Main scenario: consider long positions from corrections above the level of 1765.01 with a target of 1851.11 – 1920.84.
Alternative scenario: breakout and consolidation below the level of 1765.01 will allow the pair to continue declining to the levels of 1714.44 – 1689.68.
Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart, with wave С of (4) completed inside. The fifth wave (5) appears to be forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (5) continuing unfolding as its part. Wave (v) of i is developing on the H1 chart, with wave v of (v) forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 1851.11 – 1920.84. The level of 1765.01 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1714.44 – 1689.68.
Price chart of XAUUSD in real time mode
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