ANALYSIS GOLD 01/07/2024
XAU/USD (Gold) with an Elliott Wave analysis, as well as various Fibonacci retracement and extension levels. Here's a detailed analysis:
Elliott Wave Analysis
Wave Count:
The chart shows an Elliott Wave count with five waves labeled (1), (2), (3), (4), and (5).
Wave (5) appears to have peaked and the price is currently in a corrective phase.
Wave (5):
Wave (5) has completed its movement upward and is likely followed by a corrective wave.
Fibonacci Analysis
Retracement Levels:
The chart includes several Fibonacci retracement levels for the recent peak at Wave (5). The levels are marked at 0.236, 0.382, 0.5, 0.618, and 0.764.
These levels suggest potential support and resistance areas during the correction.
Extension Levels:
Fibonacci extension levels are also present, indicating potential future price targets if the price resumes its upward trend.
Price Channels
The chart shows an upward channel marked by orange lines. The price has been oscillating within this channel, which indicates a bullish trend until the recent correction.
Potential Price Movements
Immediate Correction:
The price is currently correcting from the high of Wave (5). The correction may reach the Fibonacci retracement levels, with immediate support around 2,322.271 (0.236 level) and further support around 2,319.308 (lower Fibonacci level).
Possible Bullish Reversal:
If the correction completes and the price respects the lower Fibonacci levels as support, a bullish reversal might occur, pushing the price back up towards the higher Fibonacci extension levels.
Further Decline:
If the price breaks below the lower support levels (2,319.308 and further), it could indicate a deeper correction or the beginning of a new bearish trend.
Key Levels to Watch
Immediate Resistance:
2,328.581 (0.786 Fibonacci level)
2,330.352 (0.618 Fibonacci level)
Immediate Support:
2,322.271 (0.236 Fibonacci level)
2,319.308 (previous support level)
Conclusion
The XAU/USD is in a corrective phase after peaking at Wave (5).
Key support and resistance levels are provided by Fibonacci retracement and extension levels.
Traders should watch these levels for potential bullish reversals or further declines.
A break below key support levels might indicate a deeper correction or bearish trend, while a bounce from support could resume the bullish trend.
Elliott Wave Analysis
Wave Count:
The chart shows an Elliott Wave count with five waves labeled (1), (2), (3), (4), and (5).
Wave (5) appears to have peaked and the price is currently in a corrective phase.
Wave (5):
Wave (5) has completed its movement upward and is likely followed by a corrective wave.
Fibonacci Analysis
Retracement Levels:
The chart includes several Fibonacci retracement levels for the recent peak at Wave (5). The levels are marked at 0.236, 0.382, 0.5, 0.618, and 0.764.
These levels suggest potential support and resistance areas during the correction.
Extension Levels:
Fibonacci extension levels are also present, indicating potential future price targets if the price resumes its upward trend.
Price Channels
The chart shows an upward channel marked by orange lines. The price has been oscillating within this channel, which indicates a bullish trend until the recent correction.
Potential Price Movements
Immediate Correction:
The price is currently correcting from the high of Wave (5). The correction may reach the Fibonacci retracement levels, with immediate support around 2,322.271 (0.236 level) and further support around 2,319.308 (lower Fibonacci level).
Possible Bullish Reversal:
If the correction completes and the price respects the lower Fibonacci levels as support, a bullish reversal might occur, pushing the price back up towards the higher Fibonacci extension levels.
Further Decline:
If the price breaks below the lower support levels (2,319.308 and further), it could indicate a deeper correction or the beginning of a new bearish trend.
Key Levels to Watch
Immediate Resistance:
2,328.581 (0.786 Fibonacci level)
2,330.352 (0.618 Fibonacci level)
Immediate Support:
2,322.271 (0.236 Fibonacci level)
2,319.308 (previous support level)
Conclusion
The XAU/USD is in a corrective phase after peaking at Wave (5).
Key support and resistance levels are provided by Fibonacci retracement and extension levels.
Traders should watch these levels for potential bullish reversals or further declines.
A break below key support levels might indicate a deeper correction or bearish trend, while a bounce from support could resume the bullish trend.
Disclaimer
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