Elliott Wave Outlook: Gold (XAUUSD) Anticipates Minimum 3 Wave Rally

According to short-term Elliott Wave analysis from Elliott Wave Forecast, Gold (XAUUSD) has completed an upward cycle labeled as wave ((1)) at $4,695.89, originating from the June 30 low. The precious metal is currently developing a corrective pullback labeled wave ((2)) in the form of a zigzag structure. The decline began with wave (A), which unfolded in five sub-waves ending at $4,282.23 after registering intermediate swings at $4,564.27, $4,631.93, $4,396.07, and $4,464.08. Currently, gold is staging a counter-trend bounce in wave (B) to correct the decline from the August 25, 2026 high. This correction is expected to form a minimum three-swing zigzag structure (A-B-C). From a technical perspective, as long as the pivot high at $4,695.89 remains intact, short-term rallies are expected to fail in three or seven swings, setting up further downside resumption in wave (C) before the broader bullish trend can resume.