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Main scenario: consider short positions from corrections below the level of 1734.53 with a target of 1570.70 – 1491.84.
Alternative scenario: breakout and consolidation above the level of 1734.53 will allow the pair to continue rising to the levels of 1809.33 – 1879.10.
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 is developing on the H4 chart, with the fifth wave of a smaller degree (v) of iii of C forming inside. Wave iii of (v) of iii is completed on the H1 chart, while a local correction is developing as wave iv of (v). If the presumption is correct, after its completion, the pair will continue falling to 1570.70 – 1491.84. The level of 1734.53 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1809.33 – 1879.10.
Price chart of XAUUSD in real time mode
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