Elliott Wave Forecast: Gold (XAUUSD) Still Has Scope for Further Downside

Short Term Elliott Wave View in XAUUSD suggests rally to 1765.59 ended wave 2. Wave 3 lower is in progress to complete a cycle from August 10th, 2022 high. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Up from wave 1, wave (a) ended at 1743.85 and pullback in wave (b) ended at 1730.00. Gold extended higher in wave (c) of ((w)) towards 1754.02. Connector wave ((x)) completed as a zigzag correction at 1741.81. The metal then resumed the rally in wave (a) ended at 1755.92 and pullback in wave (b) finished at 1746.72. Final leg higher wave (c) ended at 1765.59 which ended wave ((y)) of 2.

XAUUSD turned lower in wave 3. Internal subdivision in wave ((i)) unfolded as an impulse. Down from wave 2, wave (i) ended at 1742.86 and bounce in wave (ii) ended at 1756.20. Gold extended lower in wave (iii) at 1733.10. A shallow bounce completed wave (iv) at 1739.56. Last leg lower ended at 1719.48 completing wave (v) of ((i)). Wave ((ii)) correction has started and looks like it is building a zig zag correction. Wave (a) ended at 1745.53, wave (b) we expect to drop a little more and then the metal to rally to finish wave (c) and wave ((ii)) where XAUUSD should continue lower. As far as pivot at 1765.59 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

XAUUSD 60 Minutes Elliott Wave Chart

Elliott Wave Forecast: Gold (XAUUSD) Still Has Scope for Further Downside

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