XAUUSD is forming a global corrective trend which takes the form of a cycle triple zigzag.
On the 1H timeframe, we see the final part of the completed actionary wave y in the form of a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree. Also the internal structure of the bearish cycle intervening wave x is visible. This took the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.
After the completion of the cycle wave x, the market turned around and began to move higher. In the last section of the chart we could see the construction of the initial part of the cycle wave z. This can take the form of a double zigzag Ⓦ-Ⓧ-Ⓨ, as shown in the chart.
The price of gold in the wave z could rise to the previous maximum of 2071.09, or even higher.
Alternatively, we can expect the continuation of the downward price movement in the cycle wave x. Perhaps wave x will not be a double, but a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
At the level of 1870.83, the second intervening wave Ⓧ of the primary degree could end. Therefore, if this scenario is confirmed, the formation of the final actionary wave Ⓩ is likely in the near future.
The primary wave Ⓩ can complete its pattern near 1707.41. At that level, it will be at 76.4% of primary wave Ⓨ.