The gold market is currently undergoing a corrective phase after completing a clear Elliott Wave 5-wave impulse structure to the upside, as marked on the chart.
🟦 Wave Count Overview:
The chart shows a completed 5-wave impulse structure labeled (1) to (5).
The sub-waves within Wave (5) are also clearly detailed: (i), (ii), (iii), (iv), and (v).
This suggests that the bullish cycle has likely peaked near the $3,080–$3,100 range.
🔽 Expected Correction:
A sharp downward move has already started after Wave (v), implying a potential ABC corrective pattern is underway.
The arrow indicates a projected move towards the $2,960 support zone, marked by the first purple rectangle. This zone previously acted as resistance and now could serve as a demand area.
🟪 Key Support Zones:
$2,950–$2,970: Minor support based on the consolidation from mid-March.
$2,850–$2,870: Stronger support level, also aligned with lower channel support and previous Wave (4).
📉 Trend Analysis:
The price is still within a long-term rising channel.
A breakdown below the $2,950 zone could bring gold toward the $2,850 zone, where the structure suggests more significant support.
🔍 Conclusion:
Gold appears to be entering a corrective phase after an extended bullish run. Traders should monitor how price reacts around the $2,950–$2,850 levels. A bounce from those zones could provide long opportunities, while a breakdown would confirm a deeper retracement.
#gold #xauusd
🟦 Wave Count Overview:
The chart shows a completed 5-wave impulse structure labeled (1) to (5).
The sub-waves within Wave (5) are also clearly detailed: (i), (ii), (iii), (iv), and (v).
This suggests that the bullish cycle has likely peaked near the $3,080–$3,100 range.
🔽 Expected Correction:
A sharp downward move has already started after Wave (v), implying a potential ABC corrective pattern is underway.
The arrow indicates a projected move towards the $2,960 support zone, marked by the first purple rectangle. This zone previously acted as resistance and now could serve as a demand area.
🟪 Key Support Zones:
$2,950–$2,970: Minor support based on the consolidation from mid-March.
$2,850–$2,870: Stronger support level, also aligned with lower channel support and previous Wave (4).
📉 Trend Analysis:
The price is still within a long-term rising channel.
A breakdown below the $2,950 zone could bring gold toward the $2,850 zone, where the structure suggests more significant support.
🔍 Conclusion:
Gold appears to be entering a corrective phase after an extended bullish run. Traders should monitor how price reacts around the $2,950–$2,850 levels. A bounce from those zones could provide long opportunities, while a breakdown would confirm a deeper retracement.
#gold #xauusd
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.