Elliott Wave Analysis: 7 Swing Correction in Gold (XAUUSD)
Short Term Elliott Wave View on Gold (XAUUSD) suggests that rally from 11.13.2023 low is unfolding as a 5 waves impulse. Up from 11.13.2023 low, wave 1 ended at 2146.79 and dips in wave 2 ended at 1973.13. The metal extended higher in wave 3 towards 2431.78. Pullback in wave 4 is unfolding in a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 2323.86 and wave (b) ended at 2417.89.
Wave (c) lower ended at 2291.26 which completed wave ((w)) in higher degree. The metal then bounced in wave ((x)) with internal subdivision as a zigzag. Up from wave ((w)), wave (a) ended at 2337.31 and wave (b) ended at 2304.90. Wave (c) higher ended at 2352.76 which completed wave ((x)) in higher degree. The metal has turned lower in wave ((y)) with internal subdivision as a zigzag. Down from wave ((x)), wave (a) ended at 2281.3 and wave (b) ended at 2328.29. Near term, as far as pivot at 2352.76 high stays intact, expect the metal to extend lower. Potential target lower is 100% - 161.8% Fibonacci extension of wave ((w)). This area comes at 2124.1 - 2211 where buyers can appear.
Gold (XAUUSD) 60 Minutes Elliott Wave Chart
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