Gold has completed a classic 5-wave impulsive structure followed by an A-B-C corrective pattern, finding strong support at the long-term ascending trendline, which aligns with bullish continuation expectations. The recent smaller-degree 5-wave rally suggests the start of a new impulsive leg, with current price action forming a potential Wave 2 pullback—offering a strategic entry near the trendline. Fundamentally, gold remains supported by persistent inflation, rising geopolitical tensions, and continued central bank accumulation, particularly from emerging economies. With the Fed leaning toward a dovish stance amid slowing economic indicators, real yields are expected to decline, strengthening gold’s bullish case toward the 3,500 zone in the coming weeks.