XAUUSD (GOLD) Outlook

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The yellow metal started the double zigzag correction phase from a peak of 2070.00. The first double zigzag correction ended at 1763.00 which is labelled W while price pulled up to form the retracement for X which ended at 1953.00. The next double zigzag phase completed the first leg at 1676.00 while the formation of the correction is approaching a reversal zone at 1850.00 - 1870.00. A price reversal at this zone will signal that the last leg of the correction phase is about to start. If this is true; A fall to 1760.00 is expected on a short term while a fall to 1635.00 is expected on a medium term to complete the Y leg of the correction. A break above 1880.00 invalidates the count.