The current structure of the XAUUSD pair hints at a global correction pattern. This takes the form of a cycle triple zigzag.
The last section of the chart shows the structure of the bearish cycle intervening wave x. This ended as a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
After the completion of the cycle wave x, prices moved higher. The initial part of the cycle wave z is being built now. As shown in the chart, it could take the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ.
The price of gold in the wave z could rise to 1990.57. At that level, it will be at 76.4% of previous actionary wave y of the cycle degree.
In the second view, the downward movement of the pair is likely to continue in the cycle wave x. Wave x is also a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. However, the final primary wave Ⓩ is still under development and could take the form of an intermediate zigzag (A)-(B)-(C).
The final of the correction pattern zigzag (A)-(B)-(C) is possible near 1565.27. At that level, it will be at 76.4% of primary wave Ⓨ.
Only after reaching the specified level, the development of the cycle wave z will begin.
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