After the daily closing of XAU, we can see two scenarios:
The first scenario which is most common, if we close the daily candle below 1962, we will confirm the continuation of wave C of the corrective move. XAU might reach the 1935 – 1940 zones. After reaching these zones we can expect a strong rejection indicating the start of Wave 1 to hit the 2000$ targets.
The second scenario is less common, if we close the daily candle above 1972, we will confirm the end of Wave C of the corrective move indicating the start of Wave 1 to hit the 2000$ targets at it’s ending.
After reaching the 2000$ targets, we can see a retracement to the 1972- 1976 zone and a strong impulse above 2000$ targets.