Spot Gold (XAUUSD) reached an all-time high of $5598.75 on January 29 before undergoing a sharp correction to $4402.40 on February 2. From that low, the metal began a recovery that can be characterized as a nesting impulse. This structure reflects a sequence of advancing waves, each building upon the prior move to sustain upward momentum.
From the February 2 low, wave ((1)) concluded at $5091.95, while the subsequent decline in wave ((2)) found support at $4655.30, as illustrated on the one-hour chart. Following this, the market advanced into wave ((3)), which itself nested higher. Within wave ((3)), wave (1) terminated at $5119.16, and the corrective pullback in wave (2) ended at $4841.32. The internal subdivision of wave (2) unfolded as a double three Elliott Wave pattern. Specifically, wave W declined to $4877.75, wave X rallied to $5053.11, and wave Y completed at $4841.32. This sequence finalized wave (2) at a higher degree, setting the stage for renewed strength.
Since then, the metal has resumed its upward trajectory. In the near term, as long as the pivot at $4841.32 remains intact, pullbacks are expected to attract buyers. This condition supports the view that gold will continue advancing, with corrective moves offering opportunities for accumulation rather than signaling deeper weakness.
