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On the daily time frame, the current Elliott Wave analysis for gold suggests that we are witnessing what could be a zigzag pattern - blue wave Y after blue wave X completed with a triangle pattern at 2044. In a larger scope, we are observing the development of Blue Wave Y into a probable zigzag within the context of a larger Red Wave IV of a diagonal.

On the 4-hour time frame, blue Wave Y is still unfolding, with recent price action indicating a continuation of this wave. Notably, Wave (E) of the triangle within Blue Wave X concluded around the $2044 mark. Following this, there was a breakdown below the low of Wave (D) which stood at $2014, signaling the initiation of Blue Wave Y.

Currently, our attention is focused on the progression of Red Wave (A)-(B)-(C) which are sub-waves of blue Y. This phase appears to be unfolding as a three-wave zigzag pattern, with the wave (B) ascending into the 2019-2029 supply zone. It's important to note that the structure's invalidation level lies at $2044.8 where blue wave X terminated. Therefore, maintaining vigilance around this level is crucial as a breach could signify a shift in the expected wave count.

However, the preferred count suggests that should the bears regain control within the aforementioned supply zone, resulting in a sharp decline below $2000 (a major level), the probability of Red Wave (C) coming into play increases significantly. In such a scenario, prices could potentially dip below the 1985-1973 demand zone, indicating a deeper correction.

In summary, the Elliott Wave analysis for gold indicates that we are currently witnessing a corrective phase within the broader context of Red Wave IV. While Blue Wave Y is still in progress, attention is focused on its sub-waves of Y i.e red wave (A)-(B)-(C), with Wave (B) currently ascending into a key zone. However, traders and analysts must remain vigilant, as a breach of key levels could lead to a reassessment of the wave count and potential shifts in market dynamics.

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