Main scenario: consider short positions from corrections below the level of 1676.69 with a target of 1570.70 – 1491.84.
Alternative scenario: breakout and consolidation above the level of 1676.69 will allow the pair to continue rising to the levels of 1729.40 – 1761.80
Analysis: A bearish correction presumably continues developing as the fourth wave of larger degree (4) on the daily chart, with wave C of (4) continuing to form inside. Apparently, the third wave iii of C is completed, a local correction is formed as the fourth wave iv of C, and the fifth wave v of C is forming on the H4 chart. Wave (iii) of v is unfolding on the H1 chart. If the presumption is correct, the price will continue falling to 1570.70 – 1491.84. The level of 1676.69 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1729.40 – 1761.80
Price chart of XAUUSD in real time mode
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