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Gold price structure signals wave B rally, then pullback risk
Gold’s wave (B) rally is expected to unfold in a minimum three-swing zigzag, with further downside if the $4,695.89 pivot breaks.
Action Forex outlines a short-term Elliott Wave scenario for gold (XAUUSD) that starts from a completed cycle after the June 30 low at $4,695.89, labeled wave ((1)).
In that framework, the advance and subsequent zigzag correction ran through specific swing points, with wave 3 reaching $4,396.07 and the final leg lower in wave 5 ending at $4,282.23, which the outlet says completed wave (A) of the correction.
The analysis says wave (B) is now developing as a rally intended to correct the move from the August 25, 2026 high, and that wave A of this zigzag is nearing completion. After that, Action Forex expects a pullback in wave B before a turn higher in wave C, adding that rallies should fail in either three or seven swings as long as the $4,695.89 pivot holds.
The article further notes that if $4,695.89 does not hold, the outlook shifts toward additional downside, based on its wave-count conditions.
Latest closeGold $4,445.30 ▲1.2%