Main scenario: consider long positions from corrections above the level of 1784.20 with a target of 1950.00 – 2000.00.
Alternative scenario: breakout and consolidation below the level of 1784.20 will allow the pair to continue declining to the levels of 1723.86 – 1614.73.
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. Apparently, the fifth wave (5) started forming on the H4 chart, with the first counter-trend wave of smaller degree i of 1 of (5) formed, a local correction completed as wave ii of 1 of (5), and wave iii of 1 of (5) developing inside. Supposedly, wave (i) of iii of 1 is developing on the H1 chart. If the presumption is correct, the pair will resume rising to the levels of 1950.00 – 2000.00. The level of 1784.20 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1723.86 – 1614.73.
Price chart of XAUUSD in real time mode
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