XAUUSD (GOLD) - update of wave forecast

Hello everyone!

🔹 Gold Wave Analysis: Preparing for a Correction? 🔹

Updating our gold forecast! On the hourly timeframe, it appears that wave 3 of the upward impulse, which began back in December, is approaching its completion.

📌 Key Points:
🔸 Wave (iv) has likely formed a truncated flat. We expected a deeper decline in wave (c), but the market only showed a small correction.
🔸 Since February 14, the final fifth wave within wave (v)of v of 3 has been developing. It may still be incomplete.



🔸 The target for wave 3 is in the $2950-$2960 per ounce zone. Gold is currently consolidating, but after a brief correction, another upward movement is possible.

⚡ Signs of an Approaching Correction
The COT reports from the past two weeks show a reduction in long positions by large speculators. This could indicate profit-taking and the imminent start of corrective wave 4.

📉 What to Expect from the Correction?
🔹 If the correction is shallow, we may see a flat or triangle pattern with support around $2863 (23% Fibonacci level).
🔹 A deeper correction could bring prices down to $2800 (38% Fibonacci level) with the formation of a zigzag.
🔹 The 4H chart shows a strong divergence on AFSAM and RSI, further confirming the likelihood of a correction.

⏳ Timing?
Wave 2 correction lasted 23 days (2.618 Fibonacci time ratio of wave 1). If a similar pattern follows, wave 4 could complete within 0,382 - 0,618 Fibonacci time ratio of wave 3.