Gold (XAUUSD) Elliott Wave Analysis – Wave 5 Targeting New Highs
Gold has been exhibiting strong bullish momentum since yesterday, and based on the 4-hour Elliott Wave structure, we are currently in Wave 5 of a classic 5-wave bullish impulse. This final wave often aims to surpass previous highs, and with gold recently reaching an all-time high of $3,500.33, the current price action suggests a potential move to establish new record levels.
Key Levels to Monitor:
Resistance: Previous all-time high at $3,500.33
Support: Prior Wave 4 low, serving as dynamic trailing support
Traders should watch for a decisive break above the $3,500.33 level, which could confirm the continuation of Wave 5 and signal further upside potential. Conversely, failure to breach this resistance may indicate the onset of a corrective phase.
Gold has been exhibiting strong bullish momentum since yesterday, and based on the 4-hour Elliott Wave structure, we are currently in Wave 5 of a classic 5-wave bullish impulse. This final wave often aims to surpass previous highs, and with gold recently reaching an all-time high of $3,500.33, the current price action suggests a potential move to establish new record levels.
Key Levels to Monitor:
Resistance: Previous all-time high at $3,500.33
Support: Prior Wave 4 low, serving as dynamic trailing support
Traders should watch for a decisive break above the $3,500.33 level, which could confirm the continuation of Wave 5 and signal further upside potential. Conversely, failure to breach this resistance may indicate the onset of a corrective phase.
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.