FX.co ★ XAU/USD, GOLD

Hello traders, on the lower time frame of the gold market (M5 chart), using a comprehensive multi-timeframe analysis, we see the following picture. The combination of Elliott Wave Theory (EWA), MACD histogram readings, and the positioning of exponential moving averages (periods 55, 89, 144) allows us to consider two main scenarios. Either we are witnessing the formation of a triple zigzag within the connecting wave . Or the entire current downtrend structure is an unfinished southern impulse, which still needs to complete its fifth wave (v). The integrity of the level 4374.98 is crucial for an upward movement. A breakthrough of the confirmation level 4478.90 will signal further growth and a potential retesting of the key level 4601.97.