Current Market Structure
The chart illustrates a completed five-wave impulse (labeled in blue and red), indicating the end of a bullish cycle.
A corrective W-X-Y pattern is developing, with price action currently in the X wave phase.
A potential retracement towards the 2,882 – 2,877 support zone (50% retracement level) is expected before a strong upward move.
Trading Outlook
Bullish Scenario: If price reacts positively near the 2,877 – 2,882 support area, it could trigger a rally towards 2,950 and beyond.
Bearish Risk: If the correction extends beyond 2,855, further downside may unfold.
Conclusion
Gold remains in a corrective phase, but the Elliott Wave structure suggests an upcoming bullish move. Traders should monitor key support levels and price reactions before making entries.
The chart illustrates a completed five-wave impulse (labeled in blue and red), indicating the end of a bullish cycle.
A corrective W-X-Y pattern is developing, with price action currently in the X wave phase.
A potential retracement towards the 2,882 – 2,877 support zone (50% retracement level) is expected before a strong upward move.
Trading Outlook
Bullish Scenario: If price reacts positively near the 2,877 – 2,882 support area, it could trigger a rally towards 2,950 and beyond.
Bearish Risk: If the correction extends beyond 2,855, further downside may unfold.
Conclusion
Gold remains in a corrective phase, but the Elliott Wave structure suggests an upcoming bullish move. Traders should monitor key support levels and price reactions before making entries.
Trade closed: target reached
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.