XAU/USD, Daily:
On the daily time frame of XAU/USD, we see the development of a multi-year impulse wave [3]. It is part of the global bullish momentum.
The sub-waves (1) - (2) - (3), which are part of the wave [3], have been completed, and, most likely, the bearish corrective wave (4) has completed its construction. It has a complex W-X-Y-X-Z triple zigzag formation.
Thus, in the coming trading weeks, we can see how the bulls are pushing the price upward in the final wave (5). Most likely, they will push the price above the previous high, which was formed by the sub-wave (3), that is, above the level of 2,075.00.
Let's consider the marking of the last section of the chart on a younger time frame.
XAU/USD, H4:
The four-hour time frame shows the structure of the bearish corrective wave (4). It was formed by five sub-waves-W-X-Y-X-Z. Each wave in the specified construction is a zigzag.
The formation of the last wave (Z) began at the end of 2020 and came to an end at the beginning of this month. The middle part of wave Z, correction [B], has taken the shape of an oblique triangle, as the forming lines of this triangle are directed downward, like the main trend.
At the moment, we see how the market begins to build the initial part of a new impulse wave (5). Therefore, we can expect an increase in the price of gold.
The closest target for making deals for purchases is the level of 1,815.00, which was marked by the triangular correction [B].
