Main scenario: consider long positions of corrections above the level of 1890.34 with a target of 2070.98 – 2150.00.
Alternative scenario: a break and consolidation below the 1890.34 level will allow the pair to continue to decline to the 1849.41 – 1779.58 levels.
Analysis: The fifth wave of a larger grade (5) continues to develop on the daily chart, with wave 3 of (5) forming inside. Wave iii of 3 appears to be forming and a local correction has developed as the fourth wave (iv) of iii on the H4 diagram. The fifth wave (v) of iii continues to develop on the H1 diagram, with wave iv of (v) ending as its part. If the assumption is correct, the pair will continue to rise to the levels of 2070.98 – 2150.00. The 1890.34 level is critical in this scenario as a break will allow the pair to continue to decline to the 1849.41 – 1779.58 levels.
XAUUSD price chart in real-time mode
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