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Gold (XAUUSD) in Correction Within Bullish Trend

Short Term Elliott Wave View in Gold (XAUUSD) suggests the cycle from 6.29.2023 low ended at 1987.38 as wave 1. Internal subdivision of wave 1 rally unfolded as a 5 waves impulse Elliott Wave structure. Up from 6.28.2023 low, wave ((i)) ended at 1934.97 and pullback in wave ((ii)) ended at 1902.20. The metal rallies higher again in wave ((iii)) towards 1963.81 and pullback in wave ((iv)) ended at 1945.40.

Up from wave ((iv)), wave (i) ended at 1972.17 and pullback in wave (ii) ended at 1960.58. The metal extends higher in wave (iii) towards 1984.32 and pullback in wave (iv) ended at 1969.30. The final leg higher wave (v) ended at 1987.38 which completed wave ((v)) of 1 in larger degree. Wave 2 pullback is currently in progress as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 1965. Expect wave ((b)) rally to fail for further downside in wave ((c)) to complete wave 2 before the metal resumes higher. Near term, as far as pivot at 1987.38 high stays intact, expect the rally to fail in 3, 7, or 11 swing for further downside.

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