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Gold (XAUUSD) has completed a key cycle from its April 17 peak, with technical analysis indicating a corrective rally in three-wave structure. The decline from that peak ended at $4025, marking the completion of wave ((W)). A corrective phase in wave ((X)) is unfolding as a zigzag pattern, followed by the potential formation of wave ((Y)). This Elliott Wave analysis suggests a bullish continuation as the impulsive structure aligns with upward momentum. For traders, this provides a framework to identify entry points and manage risk based on wave counts and Fibonacci levels. The implications for the gold market are significant, as a sustained bullish trend could attract institutional investors and hedge against geopolitical uncertainties. Traders should monitor the $4025 level for confirmation of wave ((Y)) and watch for volume patterns to validate the bullish scenario.
