The current XAUUSD formation hints to a strong bullish impulse.
We now see the development of the final impulse wave V, which consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5).
The intermediate correction wave (4) which is a bearish double W-X-Y zigzag has recently ended.
In the near future, prices could rise in the intermediate wave (5), to the previous maximum marked by wave (3) above 2074.06.
An alternative scenario shows wave (4) could see a deeper correction.
The intermediate correction wave (4) takes the form of a triple W-X-Y-X-Z zigzag. The first four parts of this triple combination have completed.
The end of the minor wave X looks to complete at 1934.11, located on the resistance line.
Finally, a small wave Z can lead the prices lower to the level of 1748.46, which is on the support line.
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