The medium-term XAUUSD structure shows a deep intermediate correction wave (4). It takes the form of a minor triple W-X-Y-X-Z zigzag.
Waves W, X, Y, and X are complete, whereas wave Z is still under construction. The bearish wave Z, like the other actionary sub-waves W and Y, takes the shape of a standard zigzag.
At the moment, we see the completed minute impulse ⓐ. Thus, in the near future, the pair is expected to rise in a minute correction ⓑ to the 1900.22 area. At that level, it will be at 61.8% of wave ⓐ.
Then, minute impulse wave ⓒ can send prices to the previous low of 1762.30, which was formed by the minor wave Y.
An alternative also shows the construction of the final leg of the bearish triple zigzag.
However, minute sub-waves ⓐ and ⓑ have ended, and the formation of the bearish impulse wave ⓒ has begun.
The decline of the currency pair is expected to reach 1752.05. At that level, wave ⓒ will be at 76.4% of impulse ⓐ.