The XAUUSD structure hints at the construction of a global impulse.
Corrective wave (4) of this impulse is complete and took the form of a triple W-X-Y-X-Z zigzag.
Currently, we see the formation of the initial part of the final impulse wave (5) of the intermediate degree.
In the short term, after the completion of a small correction 2, a rise in gold prices in minor wave 3 is likely.
This level could be above the previous high of 1815.64, which was marked by a triangular correction ⓑ.
Alternatively, we consider a situation where the formation of an intermediate corrective wave (4) is still ongoing.
Here it also has a complex triple zigzag formation and we are now in the final part of the minute impulse ⓒ. This can complete the minor zigzag wave Z near 1638.82.
At that level, minute wave ⓒ will be at 123.6% of correction ⓑ.