Gold at critical juncture

FX:XAUUSD   Gold Spot / U.S. Dollar
200 1 6
The channel & 1200 XAUUSD             level breach favors a rise towards the Wolfe-wave target of ~1440. This implies that the last correction wave ended as a W-X-Y             at ~1046 and the extension X-Z leading to <=1000 appears less likely as time progresses.
Correction (minor or major leading to trend reversal) or consolidation (leading to higher prices) ?

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