Main scenario: consider short positions of corrections below the level of 1734.53 with a target of 1570.70 – 1491.84.
Alternative scenario: a break and consolidation above the level of 1734.53 will allow the pair to continue rising to the levels of 1809.33 – 1879.10.
Analysis: A bearish correction is thought to continue to unfold as the fourth wave of greater degree (4) on the daily chart, with wave C of (4) continuing to form internally. Apparently, the third wave iii of C is developing on the H4 chart, with the fifth wave of lesser degree (v) of iii of C forming inside. Wave iii of (v) of iii is completed on the H1 chart, while a local correction develops as wave iv of (v). If the assumption is correct, after its completion, the pair will continue to fall to 1570.70 – 1491.84. The level of 1734.53 is critical in this scenario because a break will enable the pair to continue rising to the levels of 1809.33 – 1879.10.
XAUUSD price chart in real time mode
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