Elliott Wave View: Gold Rallies Higher After 3 Waves Pullback

Short Term Elliott Wave View in Gold suggests the decline from March 08, 2022 high completed 3 waves down as a zig zag Elliott Wave structure. Down from March 08 wave ((1)) high, wave A ended at 1970.30 and rally in wave B ended at 2005.87. Then XAUUSD continue lower buiding an impulse to complete wave C at 1893.16. These 3 waves down we are calling as a part of a double correction; therefore, we labeled this structure as wave (W). The drop reached the blue box (1910.85 – 1848.46) and bounce looking for develop wave (X) connector.

The connector wave (X) is now in progress as another zig zag in lesser degree. Up from wave (W), wave ((i)) ended at 1938.20 and pulback in wave ((ii)) ended at 1929.80. Gold then resumes higher in wave ((iii)) towards 1946.98, and wave ((iv)) ended at 1935.20. Final leg higher wave ((v)) ended at 1949.77 which completed wave A in higher degree as a leading diagonal. Near term, wave B correction is ongoing for 3 or 7 swing to complete the pulback. After wave B ends, XAUUSD should continue higher as wave C and finish the connector wave (X) where it could turn down to resume with the downtrend. As far as pivot at 1893.16 low remains intact, expect rally to continue in the sequence of 3, 7, or 11 swing before wave (X) ends and Gold turns lower.

XAUUSD 60 Minutes Elliott Wave Chart