Gold Futures MCX-2H — A Possible Double Zigzag at Play

The decline from 132,294 unfolded into a clean 5-wave impulse, with Wave 3 extending 1.618 × Wave 1 and Wave 5 measuring nearly equal to Wave 1 — a classic Fibonacci rhythm confirming the completion of Wave W at 117,628.

The ongoing rebound appears corrective, unfolding as an A-B-C structure for Wave X. A move toward the 124–125 k zone could complete Wave C, setting the stage for another 5-3-5 leg lower as Wave Y — potentially mirroring Wave W.

Gold might just be correcting a bit more before it gleams brighter.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.