Gold (XAUUSD) Short Term Elliott Wave Support Area
Short Term Elliott Wave view suggests Gold ended wave 1 rally at 2081.82. Pullback in wave 2 is in progress as a double three Elliott Wave structure. Down from wave 1, wave (a) ended at 2030.21 and rally in wave (b) ended at 2059.56. Wave (c) lower ended at 1999.30 which completed wave ((w)). Wave (c) ended at the 100% – 123.6% Fibonacci extension of wave (a). We have here a clear 3 waves pullback which ended at the 100% extension area. This suggests the right side of the market remains bullish despite the pullback. From wave ((w)), the metal ended wave ((x)) at 2048.01 with internal subdivision as a zigzag. Up from wave ((w)), wave (a) ended at 2038.20, pullback in wave (b) ended at 2024.6, and wave (c) higher ended at 2048.15. This completed wave ((x)).
Wave ((y)) lower is currently in progress with internal subdivision as a zigzag structure. Down from wave (x)), wave (a) ended at 2000.6 and rally in wave (b) ended at 2022.56. The metal has resumed lower in wave (c) in 5 waves. Down from wave (b), wave i ended at 2007 and wave ii rally ended at 2022.11. Expect the metal to continue lower a few more to end wave iii, wave iv, and wave v. This should complete wave (c) of ((y)) of 2 and end the entire corrective pattern. Potential target lower is 100% – 161.8% Fibonacci extension of wave ((w)). This area comes at 1915 – 1966. Expect buyers to appear here for more upside or 3 waves rally at least.
Wave ((y)) lower is currently in progress with internal subdivision as a zigzag structure. Down from wave (x)), wave (a) ended at 2000.6 and rally in wave (b) ended at 2022.56. The metal has resumed lower in wave (c) in 5 waves. Down from wave (b), wave i ended at 2007 and wave ii rally ended at 2022.11. Expect the metal to continue lower a few more to end wave iii, wave iv, and wave v. This should complete wave (c) of ((y)) of 2 and end the entire corrective pattern. Potential target lower is 100% – 161.8% Fibonacci extension of wave ((w)). This area comes at 1915 – 1966. Expect buyers to appear here for more upside or 3 waves rally at least.
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