Short term Elliott Wave view in Gold (XAUUSD) suggests the decline from 6/17/2022 high is unfolding as a 5 waves impulse Elliott Wave structure to complete a wave 3 of higher degree. Down from 6/16/2022 high, wave ((i)) ended at 1783.55 and rally in wave ((ii)) ended at 1814.47. Internal subdivision of wave ((ii)) unfolded as a double correction Elliott Wave structure. Wave (w) of this double correction ended at 1808.8. Pullback in wave (x) ended at 1797.22, and final 3 swings as wave (y) ended at 1814.47 which also completed wave ((ii)).
The 30 minutes chart below shows wave ((iii)) decline starting from wave ((ii)). Wave ((iii)) lower has completed with subdivision as an impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 1802.97 and rally in wave (ii) ended at 1812.06. Gold extended lower in wave (iii) towards 1762.48, and rally in wave (iv) ended at 1772.77. Final leg lower wave (v) finished at 1731.47 and wave ((iii)) was completed. Wave ((iv)) pullback did flat correction ending at 1752.32. Last drop in 5 swings ended wave ((v)) at 1722.25 which also completed wave 3. The metal should do a corrective rally in wave 4 before the decline resumes. Expect wave 4 rally to fail in 3, 7, or 11 swing for further downside.
XAUUSD 30 Minutes Elliott Wave Chart
