In the long term, XAUUSD suggests the formation of a global correction trend, which takes the form of a cycle triple zigzag.
On the current chart, there is the final part of the completed actionary wave y of the cycle degree. This is a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
At the time of writing, the market is in a cycle intervening wave x. In fact, this can take the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.
In the upcoming trading days, the price will continue to fall in the final wave Ⓨ towards the level of 1829.97. Then, the intervening wave x will be at 61.8% of wave y.
Alternatively, within the emerging primary double zigzag, only the actionary wave Ⓦ is complete.
Currently, the market is in the primary intervening wave Ⓧ. This wave can take the form of an intermediate simple zigzag (A)-(B)-(C).
Growth in the intermediate impulse wave (C) in the following days could reach the level of 2027.44. At that level, primary wave Ⓧ will be at 61.8% of primary wave Ⓦ.