Main scenario: consider long positions from corrections above the level of 2007.45 with a target of 2220.00 – 2300.00.
Alternative scenario: breakout and consolidation below the level of 2007.45 will allow the pair to continue declining to the levels of 1912.52 – 1809.00.
Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 3 of (5) forming as its part. Apparently, the third wave of smaller degree iii of 3 is forming on the H4 time frame, with wave (iii) of iii developing inside. A local correction has finished forming as wave ii of (iii), and wave iii of (iii) is unfolding on the H1 chart. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2220.00 – 2300.00. The level of 2007.45 is critical in this scenario as a breakout will enable the pair to continue falling to the levels of 1912.52 – 1809.00.
Price chart of XAUUSD in real time mode
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