Main scenario: consider short positions from corrections below the level of 1931.28 with a target of 1834.55 – 1781.66.
Alternative scenario: breakout and consolidation above the level of 1931.28 will allow the pair to continue rising to the levels of 1987.87 – 2059.86.
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 the first wave 1 of (5) formed as its part. Apparently, a downside correction continues developing as second wave 2 of (5) on the H4 time frame chart, with wave c of 2 forming inside. The fifth wave (v) of c is developing on the H1 chart, with wave iii of (v) forming as its part. If the presumption is correct, the pair will continue to drop to the levels of 1834.55 – 1781.66. The level of 1931.28 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1987.87 – 2059.86.
Price chart of XAUUSD in real time mode
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