Spot gold rose 2.7% to USD 4,680.91 per ounce at 08:11 GMT, marking its highest level since April 28. This move came shortly after gold formed a low around the USD 4,500/oz area and quickly attracted renewed buying interest.

Notably, this recovery aligns with the scenario mentioned earlier, suggesting that the price reaction around this key support zone remains effective.

From a wave structure perspective, gold is still moving within the upward leg from white A to white B, with an internal a-b-c formation. The strong rebound from the 4,500 level signals that white wave b may have ended.

In this context, wave c is expected to act as the main driving force pushing gold prices higher, continuing the move toward white wave B. This phase is typically characterized by upward moves with stronger momentum and a clearer trend compared with the previous stage.

If the current momentum is maintained, this upward move could potentially bring gold prices back toward the USD 5,000/oz area in the near term. Conversely, intermittent corrections may still occur, but they would likely serve as consolidation phases within the broader uptrend, as long as key support zones are not broken.

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