"Gold Analysis Using Elliott Wave: Prolonged ABC Correction"

I believe that gold is currently undergoing a significant and prolonged ABC correction. At the moment, we are in a subordinate wave structure, specifically within a WXY correction pattern, marked on the chart with [A], [B], [W], [X], [Y], and [C] in red.

For the upcoming weeks and days, it is crucial to observe the potential price movements. In my chart, I have drawn the larger timeframe with white lines to illustrate the overarching trend, while a red line indicates the smaller, subordinate wave structure.

Currently, we are in the red-marked WXY zone, which suggests that around the 3,286 level could be an ideal point to enter a long position targeting higher levels in wave Y. Conversely, this could also be an opportune moment to short down to wave B and then C.

On the short-term chart, we are at point A, marked in yellow. After reaching A, I expect a trend reversal within the highlighted rectangle towards B (also marked in yellow), followed by an upward move to C.

Subsequently, we may see a five-wave decline labeled as i, ii, iii, iv, v. After this decline, a corrective upward movement is anticipated, characterized by an ABC pattern.

These are my expectations for gold based on this analysis. Please note that this information is for educational purposes only; there are no guarantees regarding trade execution or outcomes. Whether you decide to enter a position or not depends solely on your own judgment.