Gold Technical Outlook: Reassessing the Wave Structure

I had initially pegged the major Wave 4 as that consolidation phase running through April to August 2025. However, looking at the price action more carefully, it appears that period was actually just a Wave 4 correction *within* the larger Wave 3 move.

If that thesis holds, we're likely entering the true major Wave 4 correction territory now—expect this pullback to span the 3350-3900 range. This would be a healthy shake-out before the big move.

Once that correction plays out, we should see Wave 5 kick off and drive toward minimum targets of 5200-5300. This would represent the culmination of the current cycle before any significant consolidation or reversal.

The key is watching how price responds at these key levels. If the 3350 floor holds, it would reinforce the wave count and signal we're ready for the final thrust higher.