Gold has sharply reversed over the past week, falling about 20% from its all-time highs. This pullback is typical in volatile commodity markets. The US dollar is approaching strong support, and if it rebounds while US yields stabilize, metals may remain in a corrective phase. From an Elliott wave perspective, the decline from the highs appears to be just the first leg of a larger correction. After hitting the 4400 area, a short-term rebound could occur, potentially forming a wave B. However, further downside is likely afterward, with 5000–5300 acting as a key resistance zone.
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