XAUUSD Short Term Outlook: Wave Structure in Play
Gold is currently riding a strong wave structure, aligning with a clear 5-wave impulsive move upward. We’re nearing the completion of Wave 5, with resistance projected around the 0.786 $2764 and 0.886 $2761 Fibonacci retracement levels.
From there, I anticipate a corrective ABC pattern to unfold.
Wave A could target the $2,664–$2,634 range 50%-38.2% retracement of the impulsive move.
Wave B may act as a minor pullback to the upside, followed by Wave C, which could extend to deeper levels around $2614–2579, 61.8%-78.6% retracement zones.
This corrective structure could set up the next leg higher, with bullish momentum resuming. Keep an eye on $2,614 as a potential accumulation zone, leading into a rally toward new highs.
From there, I anticipate a corrective ABC pattern to unfold.
Wave A could target the $2,664–$2,634 range 50%-38.2% retracement of the impulsive move.
Wave B may act as a minor pullback to the upside, followed by Wave C, which could extend to deeper levels around $2614–2579, 61.8%-78.6% retracement zones.
This corrective structure could set up the next leg higher, with bullish momentum resuming. Keep an eye on $2,614 as a potential accumulation zone, leading into a rally toward new highs.
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