Elliott Wave View: Gold (XAUUSD) Pullback Should Find Buyers

Short Term Elliott Wave structure for Gold (XAUUSD) suggests the rally from March 31, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from March 31 low, wave (1) ended at 1797.83 and wave (2) pullback ended at 1755.93. Gold has resumed higher within wave (3) which has internal subdivision of another 5 waves in lesser degree.

Up from wave (2), wave ((i)) ended at 1799.14 and pullback in wave ((ii)) ended at 1769.50. The metal then resumes higher again in wave ((iii)) towards 1843.31 and dips in wave ((iv)) ended at 1824.60. Final leg higher in wave ((v)) ended at 1845.44 which also completed wave 1. Pullback in wave 2 is in progress to correct cycle from April 29, 2021 low as a zigzag Elliott Wave structure before the rally resumes. Down from wave 1 peak, wave ((a)) is now unfolding in 5 waves, then it should bounce in wave ((b)) before turning lower again in wave ((c)) of 2.

As far as pivot at 1770 low, and more importantly April 29 low pivot at 1755.93 stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.