It’s good to see Gold 
XAUUSD getting the attention it deserves again. But honestly, the performance it’s putting in right now is just insane.
If you zoom into the 4-hour chart, you’ll spot a clear Demand Continuation Pattern:
In simple terms: strong move up, sideways consolidation, strong move up again.
The first rally pushed Gold up 9.77% within a few days, followed by a sideways base, and then another 9.6% rally straight into the $3,500 mark.
With commodities like Gold, you really feel how powerful psychological levels are — $3,000, $3,500, $4,000 — all massive magnet zones where large investors naturally look to take profits.
Now, after tagging $3,500, we’ve pulled back.
If this Demand Continuation structure holds, here's how I see it playing out:
From there, a move toward the 8h Balance Price Range would be good.
Now, two possibilities:
On the monthly chart, it gets even more interesting:
Given the massive rejection off $3,500, I wouldn’t rule out a much deeper retracement toward $2,500–$2,000 before Gold makes another serious attempt at $4,000.
That would perfectly fit into a larger Elliott Wave structure, completing a Wave 3 or setting up a Wave 5 push later.
(And yes — catching a Wave 3 top is brutal — especially when it is an all-time high)
Unless geopolitical events massively change the landscape, it feels like $3,500 is a strong local top — for now.
But if the world starts burning again?
Gold might have other plans.
XAUUSD getting the attention it deserves again. But honestly, the performance it’s putting in right now is just insane.If you zoom into the 4-hour chart, you’ll spot a clear Demand Continuation Pattern:
- Rally → Base → Rally.
In simple terms: strong move up, sideways consolidation, strong move up again.
The first rally pushed Gold up 9.77% within a few days, followed by a sideways base, and then another 9.6% rally straight into the $3,500 mark.
With commodities like Gold, you really feel how powerful psychological levels are — $3,000, $3,500, $4,000 — all massive magnet zones where large investors naturally look to take profits.
Now, after tagging $3,500, we’ve pulled back.
If this Demand Continuation structure holds, here's how I see it playing out:
- Inside the current base, there’s a 4-hour order block, and it’s the one I’m watching most closely.
- Ideally, we get a push up into the 4h Balance Price Range between $3,336–$3,347, followed by a rejection that sweeps the Previous Weekly Low, tagging that 4h order block for a proper retest.
From there, a move toward the 8h Balance Price Range would be good.
Now, two possibilities:
- Best case for bears: After retesting that 4h zone, we fall further — possibly targeting $3,050.
- Sneaky scenario: We fake a drop to trigger stop-losses, push back up toward $3,510, then properly roll over.
On the monthly chart, it gets even more interesting:
Given the massive rejection off $3,500, I wouldn’t rule out a much deeper retracement toward $2,500–$2,000 before Gold makes another serious attempt at $4,000.
That would perfectly fit into a larger Elliott Wave structure, completing a Wave 3 or setting up a Wave 5 push later.
(And yes — catching a Wave 3 top is brutal — especially when it is an all-time high)
Unless geopolitical events massively change the landscape, it feels like $3,500 is a strong local top — for now.
But if the world starts burning again?
Gold might have other plans.
Trade active
What more can I say — Gold is playing out beautifully right now.
The last time I laid out the plan was on Monday, April 28, and the setup has followed the dotted projection almost to the tick:
First, we got the pump into the 4h Balance Price Range (BPR),
Then the drop into the 4h Order Block and VWAP zone between $3,026 and $3,185,
Right now, Gold is sitting at resistance, which is the Previous Weekly Low.
But as of this moment, everything is still going exactly according to plan.
If we get a bullish push today off the U.S. NFP data, that would be the ideal catalyst to reclaim the PWL cleanly — and that opens up the path for next week toward $3,386, the 8h Balance Price Range.
I couldn’t have scripted it better.
This is one of those moments where the scenario plays out exactly how you drew it, and all that’s left to do is wait, execute, and not mess it up.
We’re at resistance now — so I’m back to waiting.
The plan worked, now it's just about letting the next piece fall into place.
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🏆 FREE Telegram - t.me/stromm_trading
⚡ Join me when you're ready – over 550 are already there.
⚡ Join me when you're ready – over 550 are already there.
Related publications
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.