As we discussed in a previous analysis, Gold price Elliottwave Outlook gold is in the "WXYXZ" pattern.
Gold is in IVth wave complex correction. WXY or WXYXZ correction is unfolding if stays above 1740.
Bulls need to hold 1740 for the upper rally.
As shown in chart "Z" the wave is unfolding of WXYXZ.
Here W wave is Flat, Y wave 3-3-3, and Z wave is developing as abc Zig-zag (5-3-5).
First "a" wave of "Z" wave is completed as five waves and "b" wave as the inverted flat is unfolding. We may see the final "c" wave after the completion of the "b" wave.
"b" wave may finish between 1760-1770 and the final "c" wave between 1742-1750.
If the price moves above 1772 then we may consider Low 1751 as the bottom and up rally started and we will wait for Buy in correction.
If the price break 1740 then this analysis is nullified and the downtrend intact.
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