Gold (XAUUSD) continues to trade lower as the bearish sequence remains active. The decline from the recent peak is unfolding in a clear impulsive structure, which shows sellers still control the trend.
From the high, Gold completed a larger corrective structure and then turned sharply lower. The decline is progressing in a five-wave impulse. Within this move, waves (1), (2), and (3) appear complete, with wave (3) showing strong downside momentum.
Price is now correcting in wave (4). This bounce looks mature, but it could still extend slightly higher toward the 4715 area to complete a three-leg corrective structure. Any further upside should remain limited and corrective in nature.
Once wave (4) ends, the market is expected to turn lower again in wave (5). This final leg should complete the current impulsive sequence within black wave ((3)) and extend the broader bearish trend.
We do not recommend selling at current levels due to the ongoing bounce. Instead, traders should wait for wave (4) to finish and then look for selling opportunities in line with the trend.
Overall, the Elliott Wave structure supports further downside in Gold, with wave (5) expected to push prices lower after the current correction completes.
Latest 1 Hour Asia chart update from 03.20.22026
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