Main scenario: Consider a long position from a correction above the 2001.72 level, targeting 2220.00 to 2300.00.
Alternative scenario: A breakout and consolidation below the 2001.72 level will allow the pair to continue falling to the 1912.52-1809.00 level.
analysis: The downside correction appears to have formed as a fourth wave (4) of greater magnitude on the daily chart. The fifth wave (5) is unfolding, with the first wave 3 of (5) forming as part of it. Clearly, the first wave of smaller order i of 3 is forming in his H4 timeframe, as part of which the local correction wave (iv) of i is nearing completion. Wave (iv) is probably nearing its end on the first half chart. If this assumption is correct, the XAUUSD pair will continue to rise from 2220.00 to 2300.00 after completion. The 2001.72 level is important in this scenario, as a breakout could continue the decline to the 1912.52-1809.00 levels.
XAUUSD price chart in real-time mode
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