XAU/USD: weekly wave analysis
Weekly. The market keeps on forming the global corrective wave  on the weekly chart. This is a descending zigzag with an impulse (С) of  inside.
Daily. After the end of the global converging horizontal triangle IV the price fell in a new bearish impulse V. Wave  of V is now being formed. After that the decline will continue in a impulse .
H4. Wave  is a double zigzag (w)-(x)-(y). As for now, the market is forming a bullish zigzag (y). Today and in the coming days a bullish impulse C will be built. After that a new local descending trend  will likely follow.