The XAUUSD formation hints to a triangle correction pattern consisting of waves (A)-(B)-(C)-(D)-(E).
Its structure suggests that intermediate wave (D) is a standard zigzag of the minor degree and has not yet been completed.
An alternative look at the triangle suggests that the formation of intermediate wave (D) has already been completed.
If the hypothesis is correct, we now see a decline in the final leg of the triangle (wave (E)) near the 1551 area. The target is the price/trendline intersection of the triangle.