(Click on image to enlarge)

The internal XAUUSD structure suggests a global correction pattern, which takes the form of a cycle triple zigzag.

On the current chart, we see the structure of the bearish cycle intervening wave x. This looks completed in the form of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

Perhaps, after the completion of the cycle wave x, prices increased in the initial part of the cycle wave z. This can take the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ, as shown in the chart.

The price of gold in the wave z could rise to 1980.51. At that level, it will be at 76.4% of the previous actionary wave y of the cycle degree.

(Click on image to enlarge)

In an alternative scenario, a continuation of the downward price movement in the cycle wave x is likely. Wave x is also a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ, but the final primary wave is still under development.

A downward movement of XAUUSD is expected in the near future. The primary wave Ⓩ could take the form of an intermediate zigzag (A)-(B)-(C).

The final of the correction pattern zigzag (A)-(B)-(C) is possible near 1566.77. At that level, it will be at 76.4% of primary wave Ⓨ.

After reaching this level, we can expect a market reversal and the beginning of a cycle wave z.

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