The chart follows Elliott Wave Theory, Fibonacci retracements, and trend channel analysis. Here’s a summary of the key observations:
Key Technical Observations:
Elliott Wave Analysis:
The chart follows a five-wave impulse pattern.
Wave 3 appears to be reaching its peak, while wave 4 is anticipated to correct before wave 5 extends further.
Fibonacci Levels:
Key retracement levels are marked for potential corrections (e.g., 0.382 at ~2,945.5 and 0.5 at ~2,369.2).
An important 1.618 Fibonacci extension is at 3,101.3, indicating a potential price target.
Trend Channel:
The price is trading within an ascending parallel channel.
The upper boundary of this channel aligns with a potential wave 5 target near 3,845.2.
Support & Resistance Levels:
Support: ~2,804.2 and 2,561.2
Resistance: 3,044.3 (current high) and potential further levels at 3,101.3 and beyond.
RSI Indicator:
RSI (Relative Strength Index) is currently at 72.90, which suggests overbought conditions.
A possible correction (wave 4) could follow before the next bullish leg.
Summary:
Gold prices are in a strong uptrend but might face a short-term correction (wave 4) before resuming their uptrend (wave 5).
Fibonacci levels and trend channels indicate potential retracement zones (~2,945 or ~2,369) before the next leg higher.
RSI suggests overbought conditions, hinting at a possible pullback.
Long-term target could be around 3,845.2.
Key Technical Observations:
Elliott Wave Analysis:
The chart follows a five-wave impulse pattern.
Wave 3 appears to be reaching its peak, while wave 4 is anticipated to correct before wave 5 extends further.
Fibonacci Levels:
Key retracement levels are marked for potential corrections (e.g., 0.382 at ~2,945.5 and 0.5 at ~2,369.2).
An important 1.618 Fibonacci extension is at 3,101.3, indicating a potential price target.
Trend Channel:
The price is trading within an ascending parallel channel.
The upper boundary of this channel aligns with a potential wave 5 target near 3,845.2.
Support & Resistance Levels:
Support: ~2,804.2 and 2,561.2
Resistance: 3,044.3 (current high) and potential further levels at 3,101.3 and beyond.
RSI Indicator:
RSI (Relative Strength Index) is currently at 72.90, which suggests overbought conditions.
A possible correction (wave 4) could follow before the next bullish leg.
Summary:
Gold prices are in a strong uptrend but might face a short-term correction (wave 4) before resuming their uptrend (wave 5).
Fibonacci levels and trend channels indicate potential retracement zones (~2,945 or ~2,369) before the next leg higher.
RSI suggests overbought conditions, hinting at a possible pullback.
Long-term target could be around 3,845.2.
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.