Main scenario: consider long positions from corrections above the level of 1751.35 with a target of 1817.95 – 1851.32.
Alternative scenario: breakout and consolidation below the level of 1751.35 will allow the pair to continue declining to the levels of 1722.72 – 1675.55.
Analysis: an ascending third wave of larger degree (3) formed on the daily time frame, and a descending correction developed as wave (4), supposedly. H4 time frame: apparently, the fifth wave (5) started forming, with the first wave of smaller degree 1 of (5) forming inside. Apparently, the third wave iii of 1 finished forming, and a corrective wave iv of 1 of (5) is nearing completion on the H1 time frame. If the presumption is correct, the pair will continue to rise to the levels of 1817.95 – 1851.32 once the correction is over. The level of 1751.35 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1722.72 – 1675.55.
Price chart of XAUUSD in real time mode
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