XAUUSD (Gold)Key Levels, Patterns, and Potential Price Pathways
1. Wave Analysis & Elliott Wave Structure
Wave Labels: The chart shows multiple Elliott Waves labeled (1), (2), (3), (4), (5), and corrective waves (A), (B), (C).
Wave (B) Invalidation Point: This is marked at 2,703.88. If the price breaks this level, it invalidates the current (B) wave structure and suggests an alternative wave count.
Wave 3 Condition: For wave 3 to be confirmed, the price must close above the level marked as "wave 1" without returning below it, completing a 5-wave structure.
Divergence C: This suggests potential price divergence, indicating a probable reversal zone around this level.
2. Fibonacci Retracement and Extension Levels
Fibonacci Retracement Levels: Levels such as 0.618, 0.66, and 0.786 are identified. These often mark key zones for potential reversals or retracements.
0.618 (2,668.76) and 0.66 (2,665.94): These levels suggest strong support in a possible reversal zone, labeled "LONG 2 SHORT 4," where buying interest could increase.
0.786 (2,657.48): This is marked as "SHARP 2 SHALLOW 4," suggesting a deeper retracement where the price could potentially find support if it fails at the higher levels.
Fibonacci Extension Levels: Extensions at 1.236 (2,666.65), 1.382 (2,662.25), and 1.618 (2,655.15) indicate probable projection levels for the continuation of waves, particularly wave 3.
3. Key Zones and Levels
Point of Control (POC): Marked at 2,657.29, this level represents a high volume zone where the market has previously shown significant interest. It may act as a magnet for price action or a pivot point.
Dealing Range: The range defined at the bottom of the chart, starting from 2,643.10, marks the most recent swing low. This is labeled as the "invalidation wave 0" level, meaning that a drop below this level could invalidate the bullish setup.
Weak High - Wave 1: At 2,710.28, the weak high level acts as resistance. Breaking above this could signal strength and continuation higher.
4. Projected Pathway & Red Line Scenario
The red line outlines a bullish scenario where price might initially bounce from the lower levels (around the Fibonacci 0.618 or 0.786) before forming a higher high.
Wave Progression: This scenario shows the potential development of waves 1, 2, and a projected wave 3 with higher highs. The sequence suggests that after a minor pullback, the price could complete the 5-wave formation upwards.
High Probability Zone for Reversal: Between 2,666.65 and 2,655.15, where both the Fibonacci retracement and extension levels overlap, suggesting a high confluence zone for potential support.
5. Strategic Points of Interest
Short-term Buy Zone: Around the 0.618 to 0.786 Fibonacci retracement zone, indicating a favorable area for potential long entries.
Invalidation Points:
Wave 3 must hold above wave 1 level (2,710.28).
The invalidation wave 0 level at 2,643.10 would cancel the bullish setup if broken.
Protected Swing High: Near the 144M timeframe, this level suggests a strong resistance area where reversal could occur in the event of a failed high.
Summary of Analysis
This chart shows a high probability bullish setup for XAUUSD, with potential entry zones around 2,666 to 2,655. Key levels to watch include 2,710 for wave 1 confirmation and the 2,703.88 invalidation level for wave B. The red path suggests an upward continuation if support holds, with a clear invalidation point marked below 2,643.10.
Wave Labels: The chart shows multiple Elliott Waves labeled (1), (2), (3), (4), (5), and corrective waves (A), (B), (C).
Wave (B) Invalidation Point: This is marked at 2,703.88. If the price breaks this level, it invalidates the current (B) wave structure and suggests an alternative wave count.
Wave 3 Condition: For wave 3 to be confirmed, the price must close above the level marked as "wave 1" without returning below it, completing a 5-wave structure.
Divergence C: This suggests potential price divergence, indicating a probable reversal zone around this level.
2. Fibonacci Retracement and Extension Levels
Fibonacci Retracement Levels: Levels such as 0.618, 0.66, and 0.786 are identified. These often mark key zones for potential reversals or retracements.
0.618 (2,668.76) and 0.66 (2,665.94): These levels suggest strong support in a possible reversal zone, labeled "LONG 2 SHORT 4," where buying interest could increase.
0.786 (2,657.48): This is marked as "SHARP 2 SHALLOW 4," suggesting a deeper retracement where the price could potentially find support if it fails at the higher levels.
Fibonacci Extension Levels: Extensions at 1.236 (2,666.65), 1.382 (2,662.25), and 1.618 (2,655.15) indicate probable projection levels for the continuation of waves, particularly wave 3.
3. Key Zones and Levels
Point of Control (POC): Marked at 2,657.29, this level represents a high volume zone where the market has previously shown significant interest. It may act as a magnet for price action or a pivot point.
Dealing Range: The range defined at the bottom of the chart, starting from 2,643.10, marks the most recent swing low. This is labeled as the "invalidation wave 0" level, meaning that a drop below this level could invalidate the bullish setup.
Weak High - Wave 1: At 2,710.28, the weak high level acts as resistance. Breaking above this could signal strength and continuation higher.
4. Projected Pathway & Red Line Scenario
The red line outlines a bullish scenario where price might initially bounce from the lower levels (around the Fibonacci 0.618 or 0.786) before forming a higher high.
Wave Progression: This scenario shows the potential development of waves 1, 2, and a projected wave 3 with higher highs. The sequence suggests that after a minor pullback, the price could complete the 5-wave formation upwards.
High Probability Zone for Reversal: Between 2,666.65 and 2,655.15, where both the Fibonacci retracement and extension levels overlap, suggesting a high confluence zone for potential support.
5. Strategic Points of Interest
Short-term Buy Zone: Around the 0.618 to 0.786 Fibonacci retracement zone, indicating a favorable area for potential long entries.
Invalidation Points:
Wave 3 must hold above wave 1 level (2,710.28).
The invalidation wave 0 level at 2,643.10 would cancel the bullish setup if broken.
Protected Swing High: Near the 144M timeframe, this level suggests a strong resistance area where reversal could occur in the event of a failed high.
Summary of Analysis
This chart shows a high probability bullish setup for XAUUSD, with potential entry zones around 2,666 to 2,655. Key levels to watch include 2,710 for wave 1 confirmation and the 2,703.88 invalidation level for wave B. The red path suggests an upward continuation if support holds, with a clear invalidation point marked below 2,643.10.
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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.