In the current XAUUSD analysis, two Elliott Wave counts dominate the outlook.

The first count suggests that gold is already within wave 3, and the current dip represents wave 2 of 3, implying an imminent strong bullish breakout.

This aligns with classic Elliott Wave rules, where wave 3 is typically the most impulsive.

GOLD ANALYSIS – Elliott Wave Perspective

The second count assumes the move from 3246.56 formed a leading diagonal (wave 1), and we are now correcting in wave (2).

If valid, the broader GOLD outlook remains bullish, but short-term consolidation may continue.

XAUUSD FORECAST – Alternative Count

Key Invalidation Levels

• For Count 1: Invalidation below 3282.73
• For Count 2: Invalidation below 3246.56

Traders should monitor these levels to refine their GOLD trading strategy.