Main scenario: consider short positions from corrections below the level of 2370.00 with a target of 2218.46 – 2161.56.
Alternative scenario: breakout and consolidation above the level of 2370.00 will allow the pair to continue rising to the levels of 2500.00 – 2560.00.
Analysis: the fifth wave of larger degree (5) is forming on the daily chart, with wave 3 of (5) unfolding as its part. Apparently, the third wave of smaller degree iii of 3 is formed on the H4 time frame, and a descending correction is unfolding as the fourth wave iv of 3. A local corrective wave (b) of iv has formed on the H1 time frame, and wave (c) of iv is currently unfolding. If the presumption is correct, the XAUUSD pair will continue to fall to the levels of 2218.46 – 2161.56. The level of 2370.00 is critical in this scenario as a breakout will allow the pair to continue rising to the levels of 2500.00 – 2560.00.
Price chart of XAUUSD in real time mode
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