Gold (XAUUSD) has been declining from its August peak at 4,698.17, recently reaching a critical technical zone identified by the equal legs measurement. The pullback appears to be unfolding in a three-wave structure, with the equal legs target area calculated between 4,112.6 and 4,014.2 using Fibonacci extensions of wave A relative to wave B.
XAUUSD Elliott Wave 4-Hour Chart – September 24, 2026
The current structure suggests the corrective phase may be incomplete, leaving room for additional downside before a meaningful bounce materializes. From the 4,112.6–4,014.2 zone, buyers are anticipated to step in and drive at least a three-wave counter-trend rally.
XAUUSD Elliott Wave 4-Hour Chart – September 29, 2026
Price declined as projected and found support precisely at the equal legs area, triggering a reaction. However, it remains premature to confirm whether the corrective cycle has concluded. The preferred count indicates a zigzag pattern, which could imply one more low to complete a five-wave sequence within the red wave C leg. The structure and price action from current levels will be monitored closely for confirmation.
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