Gold (XAUUSD) Short-Term Elliott Wave Analysis - update
Short-term Elliott Wave outlook for Gold (XAUUSD) suggests that,
The 5th Long Wave has been Completed:
This marks the end of an impulsive uptrend.
Gold is now transitioning into a corrective phase.
Current Move: 5th to A Wave in ABC Correction
Wave A is unfolding, which is expected to be a 5-wave impulsive decline.
Target: $2900, which would complete Wave A.
Expect a sharp downside move towards this level.
Volatile Zone Ahead:
Wave A to B transition is indecisive but impulsive, meaning both buyers and sellers will be active.
A to B could retrace part of A, creating whipsaws before a final C wave drop.
Key Price Levels to Watch:
Immediate Resistance: Near recent highs (~$2,940 - $2,960).
Support for A Wave Completion: Around $2,900.
If A-B reversal starts: Expect a bounce towards $2,920-$2,930 before a potential final C leg lower.
Strategy & Considerations:
Short-term traders: May look for selling opportunities on retracements if momentum aligns.
Volatility Expected: Since A-to-B is indecisive but impulsive, wide price swings are likely.
Confirmation Needed: A break below $2,900 with volume would confirm deeper downside potential.
Conclusion on Gold (XAUUSD) Short-Term Elliott Wave Analysis -
Gold has completed its 5th long wave and is now in a corrective ABC phase. Currently, it is forming Wave A, which is expected to be a sharp 5-wave impulsive decline, likely targeting $2,900. This phase is typically volatile, with indecisive but strong price swings as the market transitions from Wave A to B.
If Gold reaches $2,900, expect a temporary bounce (Wave B) before the final C wave determines the next major direction. Traders should monitor key support at $2,900 and watch for potential retracement towards $2,920-$2,930 before further downside continuation.
The 5th Long Wave has been Completed:
This marks the end of an impulsive uptrend.
Gold is now transitioning into a corrective phase.
Current Move: 5th to A Wave in ABC Correction
Wave A is unfolding, which is expected to be a 5-wave impulsive decline.
Target: $2900, which would complete Wave A.
Expect a sharp downside move towards this level.
Volatile Zone Ahead:
Wave A to B transition is indecisive but impulsive, meaning both buyers and sellers will be active.
A to B could retrace part of A, creating whipsaws before a final C wave drop.
Key Price Levels to Watch:
Immediate Resistance: Near recent highs (~$2,940 - $2,960).
Support for A Wave Completion: Around $2,900.
If A-B reversal starts: Expect a bounce towards $2,920-$2,930 before a potential final C leg lower.
Strategy & Considerations:
Short-term traders: May look for selling opportunities on retracements if momentum aligns.
Volatility Expected: Since A-to-B is indecisive but impulsive, wide price swings are likely.
Confirmation Needed: A break below $2,900 with volume would confirm deeper downside potential.
Conclusion on Gold (XAUUSD) Short-Term Elliott Wave Analysis -
Gold has completed its 5th long wave and is now in a corrective ABC phase. Currently, it is forming Wave A, which is expected to be a sharp 5-wave impulsive decline, likely targeting $2,900. This phase is typically volatile, with indecisive but strong price swings as the market transitions from Wave A to B.
If Gold reaches $2,900, expect a temporary bounce (Wave B) before the final C wave determines the next major direction. Traders should monitor key support at $2,900 and watch for potential retracement towards $2,920-$2,930 before further downside continuation.
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.