Main scenario: long positions will be relevant above the level of 1674.46 with a target of 1958.14 – 2016.10 after correction.
Alternative scenario: breakout and consolidation below the level of 1674.46 will allow the pair to continue declining to the levels of 1568.91 – 1447.92.
Analysis: an ascending third wave of a larger degree (3) formed in the daily time frame, and a descending correction developed as wave (4), supposedly. The fifth wave (5) appears to be forming in the H4 time frame, with the first wave of smaller degree 1 of (5) formed and the downward correction 2 of (5) developing inside. In the H1 time frame, there is developing wave с of 2, with the fifth wave (v) of с unfolding inside. If the presumption is correct, the pair will continue to rise to the levels of 1958.14 – 2016.10 after the correction finishes. The level of 1674.46 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1568.91 – 1447.92.
Price chart of XAUUSD in real time mode
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