The current structure for gold shows a bearish corrective wave (4), which has been formed for a long time. Most likely, it came to an end, taking the form of a minor triple zigzag.
At the time of writing, the initial part of the new bullish impulse is under construction. The minor impulse wave 1 has ended, and now the price is declining in correction 2.
The price could reach the 1708.52 area. At that level, wave 2 will be at 61.8% of impulse 1. After that, the bulls could send prices above the maximum of 1959.52 within the impulse wave 3.
Let’s consider a situation in which the formation of the intermediate correction (4) is not yet complete.
According to this view, its final wave Z has a complex structure of a triple zigzag of minute degree.
At the moment, we are at the beginning of the wave ⓩ. It is quite likely that this wave will be a standard (a)-(b)-(c) zigzag, as shown in the chart.
The end of the minute wave ⓩ is expected near 1625.39. At that level, it will be at the 76.4% Fibonacci extension of wave ⓨ.