Elliott Wave Analysis – XAUUSD | 1H Timeframe
As previously mentioned, the main bullish move in gold appears to have come to an end, and we are now in a corrective phase. The current wave structure clearly suggests a high probability of a zigzag correction—a three-wave pattern that often follows a strong trend.
This correction could potentially push prices lower before gold regains bullish momentum. During this phase, traders should proceed with caution, as corrective moves can often be deceptive and volatile.
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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.