The short‑term Elliott Wave view in Gold (XAUUSD) shows that the rally from the March 23 low completed as wave (1) at 4889.24. After this peak, a corrective pullback in wave (2) began, retracing the cycle from the March 23 low. The internal subdivision of this pullback is unfolding as a double three Elliott Wave structure, a common corrective pattern. From wave (1), the decline in wave ((a)) ended at 4657.48, while the rally in wave ((b)) terminated at 4740.32. The metal then moved lower in wave ((c)), reaching 4509.88, which completed wave W at a higher degree.
The subsequent rally in wave X unfolded as a zigzag structure. Within this sequence, wave ((a)) ended at 4646.95, the pullback in wave ((b)) concluded at 4559.93, and the final leg in wave ((c)) advanced to 4660.28. This completed wave X in higher degree. At present, wave Y lower is progressing, continuing the correction against the cycle from the March 23 low. In the near term, while Gold remains below 4889.24, the expectation is for the metal to extend lower. A retest of the March 23 low at 4098.27 is anticipated before the broader bullish trend resumes. This corrective phase is important to balance the prior rally and prepare the market for the next upward cycle.
