Short Term outlook in Gold (XAUUSD) suggests the decline from March 8 peak is unfolding as a double three Elliott Wave structure. Down from March 8, wave (W) ended at 1895.13 and rally in wave (X) ended at 1966.12. The metal has broken below 1895.13 again, suggesting that wave (Y) has resumed lower. Down from wave (X), wave (i) ended at 1942.92 and rally in wave (ii) ended at 1961.81. The metal then resumed lower in wave (iii) towards 1916.30 and wave (iv) ended at 1929.27. Final leg lower wave (v) ended at 1889.40 which completed wave ((i)) in larger degree. Wave ((ii)) corrective rally is now in progress as a double three.
Up from wave ((i)), wave a ended at 1938.54, wave b ended at 1918.50, and wave c ended at 1949.79. This completed wave (w) in larger degree. Pullback in wave (x) is now in progress as a zigzag where wave a ended at 1915.18 and wave b ended at 1944.55. Expect wave c to end soon which should complete wave (x). Afterwards, the metal can rally higher in wave (y) to complete wave ((ii)) before the decline resumes. Near term, as far as pivot at 1966.25 high stays intact, the metal has scope to extend lower within wave (Y).
Gold 60 Minutes Elliott Wave Chart
