I have taken the ongoing upmove as a supercycle wave where wave 1 of the ongoing supercycle wave (III) is in progress.
In the short term foresee a correction and than a rise as shown in next short-term chart
Below is my fundamental take on gold
Inflation: Gold is often viewed as a hedge against inflation, as its value tends to increase during rising inflation. When inflation is high, the purchasing power of paper currency decreases, leading investors to seek alternative stores of value like gold. This is to be seen in the context of the current scenario in falling economies around the world.
Geopolitical and economic uncertainty: Gold is often seen as a safe-haven asset that investors turn to during economic or geopolitical uncertainty. Events such as wars, natural disasters, and political instability can cause investors to seek the relative safety of gold, leading to higher demand and higher prices. In this context, UNCERTAINTY is the key word to describe happenings worldwide.
ELLIOT WAVE IN THE CONTEXT OF UNCERTAINTY AROUND THE WORLD.
As far as Gold technical “Elliot wave analysis” is concerned (unlike stock analysis), the wave count CAN be counted in both up and down directions at any given time. In the varying possibilities in wave counts, the best POSSIBLE wave count is chosen, which aligns most of the time, into correct short-term analysis giving the traders an edge.