Short term Elliott Wave view on Gold (XAUUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding in 3 waves to complete a double correction. Down from 10.04.2022 high, wave (i) ended at 1700.00 and rally in wave (ii) ended at 1725.78. Then XAUUSD resumes the drop as wave (iii). Internal subdivision has 5 waves in lesser degree. The 60 minutes chart below shows the internal subdivision of wave (iii).
Down from wave (ii), wave i ended at 1705.81 and correction in wave ii ended at 1715.00. Down from wave ii, wave iii finished at 1660.32 and wave iv bounce completed at 1683.78. Wave (iii) decline ended at 1639.24 and wave (iv) ended at 1668.45. Final leg lower wave (v) of ((a)) is in progress and it should end soon. We are expecting more low to complete wave (v) and wave ((a)). When the impulse has completed, we look for a with the bounce in 3, 7 or 11 swings higher as wave ((b)) that should fail to resume with the downtrend again. A break of 1668.45 should confirm that gold is already in wave ((b)).
GOLD 60 Minutes Elliott Wave Chart