The current XAUUSD structure shows a bullish impulsive trend of a cycle degree.
On the 1H timeframe, we see the final section of wave V, which is the final one in this trend.
After the end of the intermediate impulse (3), a bearish correction (4) was formed. This took the form of A simple zigzag A-B-C. Sub-waves A and C are impulses, and B is a contracting triangle.
At the moment, the final impulse (5) is under development, which can complete the primary wave ⑤
The approximate scheme of price movement in the near future is shown on the chart.
The end of the bullish impulse is possible near 2076.60. At that level, wave (5) will be at 61.8% of wave (3).
Let’s look at an alternative scenario.
Here, we see that the intermediate correction (4) is not yet complete.
It can take the form of a triple zigzag that consists of five minor sub-waves W-X-Y-X-Z.
In this case, in the near future, we can see a small impulse ⓒ completes the triple combination near 1851.55 where the correction (4) will be at 61.8% of impulse (3).
Then, after reaching the specified mark, we could see a rise in prices in wave (5) of an intermediate degree above the previous maximum. This was formed by impulse wave (3).