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Primary situation: think about lengthy positions from corrections above the extent of 2155.15 with a goal of 2275.00 – 2350.50.
Different situation: breakout and consolidation under the extent of 2155.15 will enable the pair to proceed declining to the degrees of 2078.95 – 1991.31.
Evaluation: a descending correction seems to have shaped as fourth wave (4) of bigger diploma on the every day chart. The fifth wave (5) is unfolding, with first wave 3 of (5) forming as its half. Apparently, the primary wave of smaller diploma i of three is forming on the H4 timeframe, with corrective wave (iv) of i accomplished as its half. Wave (v) of i presumably continues growing on the H1 chart, with wave v of (v) forming as its half. If the presumption is right, the XAUUSD pair will proceed to rise to the degrees of 2275.00 – 2350.50. The extent of 2155.15 is important on this situation as a breakout will allow the pair to proceed falling to the degrees of 2078.95 – 1991.31.
Worth chart of XAUUSD in actual time mode
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