Technical Overview
Current Price Action: Gold is currently in a corrective phase after a strong impulsive move upward.
Elliott Wave Count: The structure indicates that Gold has completed Wave 3 and is now retracing into Wave 4, which is expected to find support before moving higher into Wave 5.
Bearish Divergence on AO (Awesome Oscillator): The AO indicator is forming a bearish divergence, indicating weakening bullish momentum, which supports the current correction.
Fibonacci Retracement Levels for Wave 4
23.6% Retracement: $2,918 (shallow pullback, less likely to hold)
38.2% Retracement: $2,876 (moderate correction, potential support zone)
50% Retracement: $2,857 (stronger support)
61.8% Retracement: $2,825 (deep correction, ideal for Wave 4 completion)
Potential Price Movement (Wave 4 & Wave 5 Projection)
Expecting Wave 4 to complete around the 38.2%–50% retracement zone ($2,876–$2,857).
If the price holds this level, Wave 5 target could be projected using Fibonacci extensions:
1.272 Extension: $3,037
1.618 Extension: $3,057
Key Confirmation for Next Move
A bounce from the $2,857–$2,825 zone with increasing bullish momentum on AO will confirm Wave 4 completion.
If Gold breaks below $2,825, it may indicate a deeper correction instead of Wave 4.
If the price moves back above $2,970, bullish momentum will strengthen towards Wave 5 targets.
Volume Consideration
The volume is currently decreasing, indicating a temporary pullback rather than a trend reversal.
A spike in volume near Fibonacci support zones will confirm buying interest and increase confidence in Wave 5.
Conclusion
Short-term bias: Bearish correction towards $2,857–$2,825, then bullish continuation in Wave 5.
Key Levels to Watch:
Support: $2,857, $2,825
Resistance: $2,970, $3,037, $3,057
Disclaimer -
This analysis is for educational and informational purposes only and should not be considered financial advice. Trading involves significant risk, and past performance is not indicative of future results. Always conduct your own research and consult with a certified financial professional before making any trading decisions.
Current Price Action: Gold is currently in a corrective phase after a strong impulsive move upward.
Elliott Wave Count: The structure indicates that Gold has completed Wave 3 and is now retracing into Wave 4, which is expected to find support before moving higher into Wave 5.
Bearish Divergence on AO (Awesome Oscillator): The AO indicator is forming a bearish divergence, indicating weakening bullish momentum, which supports the current correction.
Fibonacci Retracement Levels for Wave 4
23.6% Retracement: $2,918 (shallow pullback, less likely to hold)
38.2% Retracement: $2,876 (moderate correction, potential support zone)
50% Retracement: $2,857 (stronger support)
61.8% Retracement: $2,825 (deep correction, ideal for Wave 4 completion)
Potential Price Movement (Wave 4 & Wave 5 Projection)
Expecting Wave 4 to complete around the 38.2%–50% retracement zone ($2,876–$2,857).
If the price holds this level, Wave 5 target could be projected using Fibonacci extensions:
1.272 Extension: $3,037
1.618 Extension: $3,057
Key Confirmation for Next Move
A bounce from the $2,857–$2,825 zone with increasing bullish momentum on AO will confirm Wave 4 completion.
If Gold breaks below $2,825, it may indicate a deeper correction instead of Wave 4.
If the price moves back above $2,970, bullish momentum will strengthen towards Wave 5 targets.
Volume Consideration
The volume is currently decreasing, indicating a temporary pullback rather than a trend reversal.
A spike in volume near Fibonacci support zones will confirm buying interest and increase confidence in Wave 5.
Conclusion
Short-term bias: Bearish correction towards $2,857–$2,825, then bullish continuation in Wave 5.
Key Levels to Watch:
Support: $2,857, $2,825
Resistance: $2,970, $3,037, $3,057
Disclaimer -
This analysis is for educational and informational purposes only and should not be considered financial advice. Trading involves significant risk, and past performance is not indicative of future results. Always conduct your own research and consult with a certified financial professional before making any trading decisions.
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.