XAUUSD Final Cycle Trend to Yearly Highs

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The current XAUUSD formation hints to a strong bullish impulse.

We now see the development of the final impulse wave V, which consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5).

The intermediate correction wave (4) which is a bearish double W-X-Y zigzag has recently ended.

In the near future, prices could rise in the intermediate wave (5), to the previous maximum marked by wave (3) above 2074.06.

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An alternative scenario shows wave (4) could see a deeper correction.

The intermediate correction wave (4) takes the form of a triple W-X-Y-X-Z zigzag. The first four parts of this triple combination have completed.

The end of the minor wave X looks to complete at 1934.11, located on the resistance line.

Finally, a small wave Z can lead the prices lower to the level of 1748.46, which is on the support line.

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