Main scenario: consider long positions of corrections above the level of 1978.84 with a target of 2100.00 – 2172.16.
Alternative scenario: A break and consolidation below the level of 1978.84 will allow the pair to continue to decline to the levels of 1925.54 – 1896.41.
Analysis: on the daily chart, a bearish correction is thought to have ended developing as the fourth wave of greater degree (4), and the fifth wave (5) is forming. Apparently, the first wave of lesser degree 1 of (5) is formed and a local correction is completed as second wave 2 of (5) on the H4 chart. The third wave 3 of (5) began to develop, with wave i of 3 continuing to develop as its part. Wave (v) of i of 3 is forming on the H1 chart, with wave v of (v) of i forming as its part. If the assumption is correct, the pair will continue to rise to the levels of 2100.00 – 2172.16. The level of 1978.84 is critical in this scenario because a break will allow the pair to continue to decrease to the levels of 1925.54 – 1896.41.
XAUUSD price chart in real time mode
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