Gold (XAUUSD) has been showing an interesting Elliott Wave pattern in the short term. The recent rally ended at 2790.07, marking the completion of wave ((3)). This was followed by a pullback in wave ((4)), which unfolded as a double three Elliott Wave structure. The downward movement from wave ((3)) saw wave A ending at 2724.6, followed by a rally in wave B ending at 2749.9. Wave C then dropped to 2643.1, completing wave (W) in a higher degree. The subsequent rally in wave (X) ended at 2710.61 before the metal turned lower in wave (Y), with subdivision as another zigzag. The downward movement from wave (X) saw wave A ending at 2589.5, followed by a rally in wave B ending at 2618.8. Wave C concluded at 2537.7, completing wave (Y) of ((4)) in a higher degree.
The metal has now turned higher in wave ((5)). The upward movement from wave ((4)) saw wave ((i)) ending at 2577.47, followed by a pullback in wave ((ii)) ending at 2554.34. The metal extended higher in wave ((iii)) towards 2641.92, with a pullback in wave ((iv)) ending at 2618.7. It is expected that wave ((v)) of 1 will end soon, leading to the metal turning lower in wave 2 to correct the cycle from the low on 11.14.2024 in 3, 7, or 11 swings before resuming its upward trajectory. In the near term, as long as the pivot at 2537.7 low stays intact, any dips are expected to find buyers in 3, 7, or 11 swings for further upside potential.
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