Gold (XAUUSD) has exhibited a robust rally since its low on May 15, 2025. The metal formed a five-swing motive sequence that culminated in wave 1 at 3452.50 on June 16, 2025. This five-swing structure, characteristic of an impulsive Elliott Wave pattern, signals potential for further upside. The subsequent pullback in wave 2 appears to have completed at 3246.15, as illustrated in the accompanying 1-hour chart. The internal structure of wave 2 unfolded as a double-three Elliott Wave corrective pattern. Specifically, from the wave 1 peak, wave ((w)) declined to 3340.18. A corrective rally in wave ((x)) followed to 3398.35. The final leg, wave ((y)), concluded at 3246.15, marking the completion of wave 2 in the higher-degree structure.
Gold has since resumed its upward trajectory in wave 3. However, to confirm the bullish outlook and eliminate the possibility of a double correction, the price must decisively break above the wave 1 high at 3452.50. From the wave 2 low, wave (i) advanced to 3296.85. A shallow pullback in wave (ii) followed to 3274.41. Wave (iii) then propelled the metal to 3358.02. Based on the current structure, gold is expected to rally further in wave (v) to complete wave ((i)). Subsequently, a corrective pullback in wave ((ii)), likely unfolding in a 3, 7, or 11-swing structure, is anticipated from the June 30 low before the metal resumes its upward trend. In the near term, as long as the pivot low at 3246.15 remains intact, gold is poised to extend higher, supported by the impulsive momentum of the ongoing wave 3.
Gold 60-Minute Elliott Wave Technical Chart
