Gold Dives Below $4,543 as $4,560 Breaks, Elliott Wave Targets $4,098 Lows

Gold (XAU/USD) has accelerated downside to $4,543 after breaking $4,560 support on May 4, with Elliott Wave analysis signaling a 7-swing double correction targeting March's $4,098 low. A mid-April rising wedge breakdown from $4,700 highs led to $4,510 lows by April 29, followed by $4,600-$4,800 consolidation into early May. A May 1 1.2% drop to $4,500 on Middle East tensions sparked rebounds to $4,660-$4,625, but hawkish FOMC rhetoric, 4.8% Treasury yields, dollar strength, and oil above $115/bbl reignited bearish momentum ahead of NFP.