Gold (XAUUSD) Short-Term Elliott Wave Analysis - update

Short-term Elliott Wave outlook for Gold (XAUUSD) suggests that,

The 5th Long Wave has been Completed:

This marks the end of an impulsive uptrend.
Gold is now transitioning into a corrective phase.
Current Move: 5th to A Wave in ABC Correction

Wave A is unfolding, which is expected to be a 5-wave impulsive decline.
Target: $2900, which would complete Wave A.
Expect a sharp downside move towards this level.
Volatile Zone Ahead:

Wave A to B transition is indecisive but impulsive, meaning both buyers and sellers will be active.
A to B could retrace part of A, creating whipsaws before a final C wave drop.
Key Price Levels to Watch:
Immediate Resistance: Near recent highs (~$2,940 - $2,960).
Support for A Wave Completion: Around $2,900.
If A-B reversal starts: Expect a bounce towards $2,920-$2,930 before a potential final C leg lower.
Strategy & Considerations:
Short-term traders: May look for selling opportunities on retracements if momentum aligns.
Volatility Expected: Since A-to-B is indecisive but impulsive, wide price swings are likely.
Confirmation Needed: A break below $2,900 with volume would confirm deeper downside potential.

Conclusion on Gold (XAUUSD) Short-Term Elliott Wave Analysis -

Gold has completed its 5th long wave and is now in a corrective ABC phase. Currently, it is forming Wave A, which is expected to be a sharp 5-wave impulsive decline, likely targeting $2,900. This phase is typically volatile, with indecisive but strong price swings as the market transitions from Wave A to B.

If Gold reaches $2,900, expect a temporary bounce (Wave B) before the final C wave determines the next major direction. Traders should monitor key support at $2,900 and watch for potential retracement towards $2,920-$2,930 before further downside continuation.