The short‑term Elliott Wave view in Gold (XAUUSD) indicates that the rally from the June 30 low is unfolding as an impulsive structure. From that level, wave (1) advanced and ended at $4203.21, followed by a corrective pullback in wave (2) that concluded at $3959.37. The subsequent rally in wave (3) extended sharply higher and finished at $4449.73, as reflected in the one‑hour chart. Afterward, the market entered a corrective phase in wave (4), which developed as a zigzag formation. Within this decline, wave A ended at $4363.84, wave B retraced to $4402.12, and wave C moved lower to $4310.65, completing wave (4) at a higher degree.
From that point, the metal resumed its upward trajectory in wave (5). Rising from the wave (4) low, wave 1 advanced to $4416.46, while the corrective pullback in wave 2 ended at $4324.23. The next leg, wave 3, pushed higher and concluded at $4527.24. A pullback in wave 4 is now anticipated, with support expected to emerge in either three or seven swings, setting the stage for further upside to complete wave 5 of (5). In the near term, as long as the pivot at $3997.04 remains intact, the outlook favors continued strength. The structure highlights a sustained bullish bias, with the impulsive sequence reinforcing the potential for additional gains.
Gold (XAUUSD) 60 Minute Elliott Wave Chart
XAUUSD Elliott Wave Video
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