Elliott Wave View: Gold (XAUUSD) Preparing for Next Bullish Leg
Elliott Wave view in Gold (XAUUSD) suggests the rally from March 31, 2021 low ended wave (1) at 1916.53. Pullback in wave (2) ended at 1855.10 as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 1891.70 and bounce in wave B ended at 1909.69. Final leg wave C of (2) ended at 1855.10 as a 5 waves impulse. The metal has turned higher in wave (3) as an impulse structure.
Up from wave (2) low, wave (i) ended at 1870.91, and pullback in wave (ii) ended at 1864.30. The metal resumes higher in wave (iii) towards 1903.34 and pullback in wave (iv) ended at 1888.60. Final leg higher in wave (v) ended at 1903.76 and this completed wave ((i)) in higher degree. Pullback in wave ((ii)) is proposed complete at 1869.60 as a zigzag. Down from wave ((i)), wave (a) ended at 1882.80, wave (b) ended at 1898.92, and wave (c) ended at 1869.60. Gold has started to turn higher in wave ((iii)). Near term, as far as pivot at 1855.10 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
Up from wave (2) low, wave (i) ended at 1870.91, and pullback in wave (ii) ended at 1864.30. The metal resumes higher in wave (iii) towards 1903.34 and pullback in wave (iv) ended at 1888.60. Final leg higher in wave (v) ended at 1903.76 and this completed wave ((i)) in higher degree. Pullback in wave ((ii)) is proposed complete at 1869.60 as a zigzag. Down from wave ((i)), wave (a) ended at 1882.80, wave (b) ended at 1898.92, and wave (c) ended at 1869.60. Gold has started to turn higher in wave ((iii)). Near term, as far as pivot at 1855.10 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
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