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Main scenario: consider long positions from corrections above the level of 2277.15 with a target of 2500.00 – 2560.00.
Alternative scenario: breakout and consolidation below the level of 2277.15 will allow the pair to continue declining to the levels of 2154.83 – 2019.86.
Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with first wave 3 of (5) forming as its part. Apparently, the third wave of smaller degree iii of 3 is forming on the H4 time frame, with wave (iii) of iii and corrective wave (iv) of iii completed inside. Wave (v) of iii is unfolding on the H1 time frame, with wave i of (v) formed and local corrective wave ii of (v) nearing completion as its parts. If the presumption is correct, the XAUUSD pair will continue to rise to the levels of 2500.00 – 2560.00. The level of 2277.15 is critical in this scenario as a breakout will allow the pair to continue falling to the levels of 2154.83 – 2019.86.
Price chart of XAUUSD in real time mode
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