Gold (XAU/USD) is building a bullish pullback within a larger downtrend channel. Price is expected to bounce at the trend line or Fibonacci retracement levels if the wave pattern develops as indicated in this chart.
Gold is building a rising wedge chart pattern which indicates a correction. A break above the resistance trend line could lead to a larger bullish correction towards the Fibonacci retracement levels of wave 4 vs 3.
XAU/USD is building a bearish momentum which could be part of a wave C of Y of wave 2.
XAU/USD bearish impulse is now testing the support zone which is indicated by the green trend lines and Fibonacci levels of wave 2 vs 1.