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On the 1-hour timeframe, I estimate that XAUUSD is currently at the end of wave v of wave (c). This suggests that the recent correction is relatively limited, having already tested the 3096–3122 area. Going forward, XAUUSD has the potential to strengthen toward the 3192–3250 zone.

On the 1-hour timeframe, I anticipate that XAUUSD remains vulnerable to further correction, at least to retest the 3303–3322 area. Subsequently, as long as XAUUSD is able to stay above 3273, there remains a short-term opportunity for a rebound toward the 3356–3376 area.

As I previously mentioned, the upside potential in XAUUSD appears relatively limited. At present, I estimate that XAUUSD is forming wave iv of wave (v) as indicated by the black label (best-case scenario), suggesting a potential correction toward the 3,228–3,292 range. Should this scenario hold, the next bullish target lies within the 3,483–3,561 area.However, you should also be mindful of the bearish scenario (red label), where XAUUSD may have completed wave 3. In such a case, the current movement could represent the beginning of a deeper correction as part of wave 4, with the potential downside projected toward the 2,854–3,101 range.

Currently, I estimate that XAUUSD is nearing the end of wave iii of wave (v). I present two potential scenarios:In the black label scenario, XAUUSD may continue its upward movement to complete wave iii, with a projected target in the 3,372–3,410 range.However, under the red label scenario, there is a possibility of a short-term correction toward the 3,284–3,301 area before resuming the uptrend toward the same target zone.Traders should closely monitor price action, as increased volatility is likely in the near term.The nearest target for XAUUSD has been successfully reached — congratulations!The next potential upside target stands at 3,410.

Currently, I foresee two possible scenarios for XAUUSD. In the more optimistic scenario (black label), the recent correction is assumed to be wave ii of wave (v), which suggests that XAUUSD still has the potential to strengthen toward the 3,177–3,306.However, attention should also be given to the bearish scenario (red label). If XAUUSD fails to break above the 3,167 resistance level, it is likely that wave 3 has already been completed, and the current movement is part of wave 4. In this case, XAUUSD may decline toward the 2,489–2,832.XAUUSD is now expected to undergo a short-term correction toward the 3,272–3,315 range. In the best-case scenario, the uptrend may resume with a potential test of 3,373. A more detailed update on the latest scenario will be provided shortly.

XAUUSD remains in an uptrend and is estimated to be in wave (v) of wave [v]; more specifically, it is currently within wave iv of wave (v).In the short term, XAUUSD is expected to undergo a correction toward the 2,948–2,989 area. However, in the broader outlook, I anticipate further upside movement toward the 3,091–3,161 level.