Gold has completed a 7-swing corrective decline in wave B at 4838 and has since turned higher, signaling the start of a new impulsive sequence in wave C. The reaction from 4838 was decisive, suggesting that the correction has likely ended and buyers have regained control of the short-term trend. Within wave C, we have already seen a clear five-swing advance in wave ((i)), confirming the impulsive nature of the move higher. Following that advance, the market is now correcting in wave ((ii)). At this stage, wave ((ii)) may have already completed; however, there remains a possibility of one more marginal low between 4966 and 4937 to complete a three-swing pullback from the recent peak.
As long as price remains above the wave B low at 4838, the overall outlook continues to favor further upside. The next key objective stands at 5339, which represents equal legs measured from the 4402 low. Reaching that area would complete the larger corrective sequence in proportional symmetry.
In the near term, pullbacks are expected to remain corrective, with wave C projected to extend higher toward the 5339 target. The broader structure supports continued upside while holding above critical support at 4838.
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