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Gold (XAUUSD) seen working through zigzag corrective structure

Reported · Written up by our desk · Precious Metals

Action Forex said its short term Elliott Wave read on Gold (XAUUSD) shows the move since the August 25, 2026 high is unfolding as a zigzag corrective structure.

The outlet said wave A ended at $4,282.23, wave B later topped at $4,509.59, and gold has since resumed a decline in wave C.

Action Forex added that wave ((i)) ended at $4,252.70 and wave ((ii)) concluded at $4,399.58 as an expanded flat, followed by a lower move in wave ((iii)).

It also said that within the near term, as long as the $4,509.59 pivot holds, rallies are expected to fail in either three or seven swings, a path that would lead to further downside to complete the zigzag pattern.

Latest closeGold $4,147.50 ▼4.0%

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