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Most important situation: take into account lengthy positions from corrections above the extent of 2014.46 with a goal of 2220.00 – 2300.00.
Different situation: breakout and consolidation beneath the extent of 2014.46 will permit the pair to proceed declining to the degrees of 1954.80 – 1889.05.
Evaluation: a descending correction seems to have shaped because the fourth wave (4) of bigger diploma on the every day chart. The fifth wave (5) is unfolding, with the primary wave 1 of (5) shaped as its half. Apparently, a descending correction completed growing as second wave 2 of (5) on the H4 chart, and the third wave 3 of (5) is forming. The third wave of smaller diploma iii of three is unfolding on the H1 timeframe. It features a fully-formed wave (i) of iii and an area correction, accomplished as wave (ii) of iii. Wave (iii) of iii is unfolding. If the presumption is appropriate, the XAUUSD pair will proceed to rise to the degrees of 2220.00 – 2300.00. The extent of 2014.46 is essential on this situation as a breakout will allow the pair to proceed falling to the degrees of 1954.80 – 1889.05.
Worth chart of XAUUSD in actual time mode
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