Analysis Overview:
Gold has been moving within a clear Elliott Wave 5-wave bullish channel. The price recently completed Wave (3) and is showing early signs of a Wave (4) correction.
This setup suggests a short-term bearish retracement before the next impulsive Wave (5) rally continues toward higher targets around $4,350 – $4,400.
Short-Term Sell Opportunity (Wave 4 Correction)
Entry Zone: $4,225 – $4,235
Target (TP1): $4,120
Target (TP2): $4,060
Stop Loss: $4,260
Reasoning:
Wave (3) looks extended and due for a healthy correction.
Expect a dip toward the lower trendline or 38.2%–50% Fibonacci retracement of the recent impulse.
Long-Term Buy Opportunity (Wave 5 Rally)
Buy Zone: $4,060 – $4,100 (Wave 4 completion zone)
Target (TP1): $4,300
Target (TP2): $4,360 – $4,400 (completion of Wave 5)
Stop Loss: $4,020
Reasoning:
Price expected to bounce from the Wave 4 support / trendline.
Start of the final Wave (5) impulse should take gold to new highs in the current bullish channel.
The long-term trend remains strongly bullish.
Notes:
Wait for bearish confirmation (rejection candle or lower timeframe structure break) near $4,230 before entering short.
Look for bullish reversal signals (double bottom, engulfing candle) around $4,080 before buying.
This setup favors swing traders following Elliott Wave structure.
#Gold #XAUUSD #ElliottWave #Forex #Commodities #WaveAnalysis #TechnicalAnalysis #SwingTrade #SmartMoneyConcepts
Gold has been moving within a clear Elliott Wave 5-wave bullish channel. The price recently completed Wave (3) and is showing early signs of a Wave (4) correction.
This setup suggests a short-term bearish retracement before the next impulsive Wave (5) rally continues toward higher targets around $4,350 – $4,400.
Short-Term Sell Opportunity (Wave 4 Correction)
Entry Zone: $4,225 – $4,235
Target (TP1): $4,120
Target (TP2): $4,060
Stop Loss: $4,260
Reasoning:
Wave (3) looks extended and due for a healthy correction.
Expect a dip toward the lower trendline or 38.2%–50% Fibonacci retracement of the recent impulse.
Long-Term Buy Opportunity (Wave 5 Rally)
Buy Zone: $4,060 – $4,100 (Wave 4 completion zone)
Target (TP1): $4,300
Target (TP2): $4,360 – $4,400 (completion of Wave 5)
Stop Loss: $4,020
Reasoning:
Price expected to bounce from the Wave 4 support / trendline.
Start of the final Wave (5) impulse should take gold to new highs in the current bullish channel.
The long-term trend remains strongly bullish.
Notes:
Wait for bearish confirmation (rejection candle or lower timeframe structure break) near $4,230 before entering short.
Look for bullish reversal signals (double bottom, engulfing candle) around $4,080 before buying.
This setup favors swing traders following Elliott Wave structure.
#Gold #XAUUSD #ElliottWave #Forex #Commodities #WaveAnalysis #TechnicalAnalysis #SwingTrade #SmartMoneyConcepts
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.