🟩 Gold (XAUUSD) – 1H Wave Structure Projection
In this analysis, I am presenting a potential Elliott Wave structure unfolding on the 1-hour timeframe for Gold against the U.S. Dollar (XAUUSD), traded on OANDA.
🔹 Wave Count Outlook
We are anticipating a classic 5-wave bullish impulse structure, currently developing from the recent low near 3,340.243. Here’s the projected wave progression:
1️⃣ Wave 1: Initial push from recent support
2️⃣ Wave 2: Healthy correction holding above 3,340.243
3️⃣ Wave 3: Expected breakout above 3,440.906 with momentum
4️⃣ Wave 4: Shallow retracement maintaining bullish structure
5️⃣ Wave 5: Final rally aiming toward the resistance zone at 3,520.034 and potentially 3,561.896
📈 Key Levels to Watch:
• Support: 3,340.243 / 3,366.135
• Mid-Resistance: 3,399.044 / 3,440.906
• Targets: 3,487.124, 3,520.034, and extended resistance at 3,561.896
🧠 Strategy Insight:
This structure may provide scalp-to-swing opportunities, with confirmations along wave 3 and wave 5 breakouts. Bullish bias remains valid as long as price stays above 3,340.243.
📌 Disclaimer:
This is not financial advice. Always use proper risk management and confirm with your strategy before entering any position.
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.