Main scenario: consider long positions from corrections above the level of 1615.85 with a target of 1761.80 – 1805.30.
Alternative scenario: breakout and consolidation below the level of 1615.85 will allow the pair to continue declining to the levels of 1570.70 – 1491.84.
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 finished developing, and wave (c) of iv started unfolding on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 1761.80 – 1805.30. The level of 1615.85 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1570.70 – 1491.84.
Price chart of XAUUSD in real time mode
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