Market should continue unfolding wave C

Gold extended the previous day's rejection slide from the very important 200-day SMA and witnessed some follow-through selling for the second successive session on Thursday. The downward trajectory dragged the XAU/USD back closer to monthly swing lows, around the $1,780 region, touched earlier this week. Despite signs of easing inflationary pressures in the US, investors still believe that the Fed would begin rolling back its massive pandemic-era stimulus later this year. This, in turn, was seen as a key factor driving flows away from the non-yielding yellow metal.

As per Elliott Wave analysis the market should continue unfolding wave (c). Ideally, Gold will still be looking for some buyers down there when the market may turn up after completed a higher degree (A)-(B)-(C) around 1740.