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Main scenario: consider short positions after correction ends below the level of 1805.84 with a target of 1570.70 – 1491.84.
Alternative scenario: breakout and consolidation above the level of 1805.84 will allow the pair to continue rising to the levels of 1879.10 – 1995.37.
Analysis: a bearish correction presumably continues developing as the fourth wave of a larger degree (4) on the daily chart, with wave C of (4) continuing to form inside. Apparently, the third wave iii of C has unfolded on the H4 chart. The local correction is developing as the fourth wave iv of C. Wave (а) of iv is completed on the H1 chart, while wave (b) of iv is developing. If the presumption is correct, after the completion of wave iv of C, the pair will continue falling to 1570.70 – 1491.84. The level of 1805.84 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1879.10 – 1995.37.
Price chart of XAUUSD in real time mode
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