XAUUSD Bullish Impulse Has Just Begun

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The XAUUSD structure hints at the construction of a global impulse.

Corrective wave (4) of this impulse is complete and took the form of a triple W-X-Y-X-Z zigzag.

Currently, we see the formation of the initial part of the final impulse wave (5) of the intermediate degree.

In the short term, after the completion of a small correction 2, a rise in gold prices in minor wave 3 is likely.

This level could be above the previous high of 1815.64, which was marked by a triangular correction ⓑ.

xauusd elliott

Alternatively, we consider a situation where the formation of an intermediate corrective wave (4) is still ongoing.

Here it also has a complex triple zigzag formation and we are now in the final part of the minute impulse ⓒ. This can complete the minor zigzag wave Z near 1638.82.

At that level, minute wave ⓒ will be at 123.6% of correction ⓑ.

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