Main scenario: consider short positions from corrections below the level of 1783.05 with a target of 1650.00 – 1603.30.
Alternative scenario: breakout and consolidation above the level of 1783.05 will allow the pair to continue rising to the levels of 1879.10 – 1997.97.
Analysis: A bearish correction continues developing as the fourth wave of larger degree (4) on the daily chart, with wave C of (4) forming inside. The fifth wave v of С appears to be forming on the H4 chart, with the third wave of smaller degree (iii) of v completed as its part. Supposedly, wave v of (iii) finished developing on the H1 chart. If this assumption is correct, the pair will continue falling to 1650.00 – 1603.30 once a local correction (iv) of v has formed. The level of 1783.05 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1879.10 – 1997.97.
Price chart of XAUUSD in real time mode
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