Gold's decline continues, with Elliott Wave analysis predicting a bearish sequence targeting $3400. This analysis suggests that the current downturn is part of a larger, incomplete bearish sequence from January, which could extend further downward. The market is currently in wave (C), a five-wave decline, with a corrective rally in wave 2 retracing the cycle from July 6, 2026. This corrective phase is expected to be limited by the pivot at $4203.26, reinforcing the bearish outlook. The broader implication is that the market is likely to see additional weakness, with $3400 as a key target if the bearish cycle extends without truncation. This technical framework highlights the potential for sustained downside pressure, which could have significant implications for investors and traders alike. The Elliott Wave analysis provides a detailed and structured approach to understanding the market's behavior, offering valuable insights for those looking to navigate the volatile gold market.
