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Main scenario: consider short positions from corrections below the level of 1824.57 with a target of 1721.07 – 1696.78.
Alternative scenario: breakout and consolidation above the level of 1824.57 will allow the pair to continue rising to the levels of 1851.11 – 1920.84.
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) completed as its part. On the H1 chart, a local correction started developing as wave ii of 1 of (5), with wave (а) of ii continuing forming inside. If the presumption is correct, the pair will continue to drop to the levels of 1721.07 – 1696.78. The level of 1824.57 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1851.11 – 1920.84.
Price chart of XAUUSD in real time mode
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