Main scenario: consider long positions of corrections above the level of 1753.24 with a target of 1913.87 – 2075.27.
Alternative scenario: A break and consolidate below the 1753.24 level will allow the pair to continue declining to the 1673.63 – 1602.77 levels.
Analysis: Daily chart: upward third wave of larger grade (3) is formed, downward correction developed as the fourth wave (4), and the fifth wave (5) seems to develop, with the third wave of smaller grade 3 of (5) forming as its part. Wave iii of 3 appears to develop on the H4 diagram, with a local correction formed internally as wave (ii) of iii. Supposedly, the third wave of smaller degree (iii) of iii is formed on the H1 diagram, with wave iii of (iii) developing as its part. If the assumption is correct, the pair will continue to rise to the levels of 1913.87 – 2075.27. The 1753.24 level is critical in this scenario as a break will allow the pair to continue to decline to the 1673.63 – 1602.77 levels.
XAUUSD price chart in real-time mode
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