Gold’s Bearish Setup – What’s Next for $XAUUSD?Gold ( OANDA:XAUUSD ) fell to $3,003 as I expected in my previous post . Of course, since this is a round number , we can expect good support .
In terms of Classic Technical Analysis , Gold appears to have succeeded in breaking the neckline of the two patterns , the Head and Shoulders Pattern and the Three Falling Peaks Pattern .
Educational Note : The Three Falling Peaks is a bearish reversal pattern that occurs after an uptrend, where the price forms three consecutive lower peaks. Each peak represents a failed attempt to continue the uptrend, signaling weakening bullish momentum. A breakdown below the support confirms the pattern and signals a potential downtrend.
In terms of Elliott Wave theory , it seems that Gold has completed 5 impulsive waves and we should wait for corrective waves .
I expect Gold to attack the $3,000 at least once more after completing the pullback , and the next target could be the Support zone($2,989-$2,976) .
Note: If Gold goes above $3,039, we should expect more pumps.
Gold Analyze ( XAUUSD ), 1-hour time frame.
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