Gold traders, take note: Elliott Wave analysis on XAUUSD suggests a golden LONG opportunity ahead. After completing what appears to be a corrective wave (4), gold's price action is now poised for an impulsive wave (5), traditionally the final leg in a trend's direction. The move off the recent low shows a clear reversal pattern, indicating bullish momentum that could lead us into and beyond previous highs.
The projection targets for this potential wave (5) are drawn using Fibonacci extensions of wave (3), providing significant levels at 1 and 1.618 extensions where we might expect the price to react or consolidate. Technical indicators support this with a rising RSI, indicating increased buying pressure without yet reaching overbought territory.
Given the current global financial climate, with inflation worries and geopolitical tensions, gold remains a sought-after hedge, adding a macroeconomic tailwind to this bullish forecast.
I plan to enter LONG positions in stages as the price ascends, setting profit targets at Fibonacci levels with a stop-loss placed below the start of wave (4) to protect the trade. This approach aims to harness the expected ascent of gold, offering a lucrative ride with the tide of both technical and fundamental factors.
The projection targets for this potential wave (5) are drawn using Fibonacci extensions of wave (3), providing significant levels at 1 and 1.618 extensions where we might expect the price to react or consolidate. Technical indicators support this with a rising RSI, indicating increased buying pressure without yet reaching overbought territory.
Given the current global financial climate, with inflation worries and geopolitical tensions, gold remains a sought-after hedge, adding a macroeconomic tailwind to this bullish forecast.
I plan to enter LONG positions in stages as the price ascends, setting profit targets at Fibonacci levels with a stop-loss placed below the start of wave (4) to protect the trade. This approach aims to harness the expected ascent of gold, offering a lucrative ride with the tide of both technical and fundamental factors.
Trade closed manually
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