The short-term Elliott Wave view in Gold (XAUUSD) indicates that the cycle from the June 30 low concluded at $4695.89. This advance has been labeled as wave ((1)). A corrective pullback in wave ((2)) is now unfolding to retrace that cycle. The correction took the form of a zigzag Elliott Wave structure. From the peak of wave ((1)), wave 1 ended at $4564.27, while the subsequent rally in wave 2 terminated at $4631.93. The metal then resumed its decline, with wave 3 reaching $4396.07. A modest recovery in wave 4 ended at $4464.08, before the final leg lower in wave 5 concluded at $4282.23. This sequence completed wave (A) of the zigzag correction.
At present, wave (B) is progressing as a rally designed to correct the cycle from the August 25, 2026 high. This move should unfold at minimum in a three-swing zigzag structure. Wave A of the zigzag is approaching completion, after which a pullback in wave B is expected before the market turns higher again in wave C. In the near term, as long as the pivot at $4695.89 remains intact, rallies should fail in either three or seven swings, leading to further downside.
Gold (XAUUSD) 60 Minute Elliott Wave Chart
XAUUSD Elliott Wave Video
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