XAUUSD seems to form a large correction pattern forming a cycle triple zigzag.
The 1-hour timeframe shows the final part of the completed cycle intervening wave x. This is a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
There is a possibility that the cycle wave z also takes the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The primary wave Ⓨ could end in the form of an intermediate double combination (W)-(X)-(Y) near 1853.21. At that level, wave Ⓨ will be at 76.4% of wave Ⓦ.
Let’s consider an alternative option, where the downward movement of the pair in the cycle wave x will continue. The final primary wave is under development. It could take the form of an intermediate zigzag (A)-(B)-(C).
Thus, a downward movement of XAUUSD is likely in the near future.
The final of the correction pattern zigzag (A)-(B)-(C) is possible at 1615.00. That is, near the minimum marked by the intermediate impulse wave (A).
