Gold still maintains technical conditions for a potential decline in its prices from the next trading week. Looking at the H4 timeframe, it is evident that the metal's quotes have reached the upper trend line of the daily correction channel. Additionally, the current rise in gold has approached the 76.4% Fibonacci level from its previous downward wave labeled as wave "(1)" on the chart. As for the internal structure of the current upward wave "(2)", it is most appropriately identified as an elongated zigzag "abc", where the final wave "c" consists of a 5-wave impulsive formation with a local divergence on the MACD indicator histogram. This circumstance may indicate the final stage of the impulsive wave "c" within the mentioned zigzag. In general, I am awaiting confirmation of the potential southern correction in gold, which would be signaled by its quotes breaking below the lower trend line of the current channel where the internal structure of the ascending zigzag's wave "c" is unfolding.
