Main scenario: consider short positions below the level of 1805.84 with a target of 1570.70 – 1491.84 after correction.
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 larger degree (4) on the daily chart, with wave C of (4) continuing to form inside. Apparently, the third wave iii of C is formed on the H4 chart, and a local correction is unfolding as the fourth wave iv of C. Wave (а) of iv is formed, wave (b) of iv presumably finished developing, and wave (c) of iv is unfolding on the H1 chart. If the presumption is correct, the pair will continue to fall to the levels 1570.70 – 1491.84 after correction ends. 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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