Gold’s 5th Wave May Be Over – Is the Pullback About to Begin?
In the early Asian session, gold tapped into the 1.272 Fibonacci extension, which aligns perfectly with a key H4 resistance zone. According to Elliott Wave Theory, this may mark the completion of Wave 5, and I'm anticipating that this upward move has likely come to an end around the 3439 level.
📊 Technical Analysis
At current price levels, we’re seeing clear bearish divergence on both volume and RSI:
Price is pushing higher,
But volume is dropping, and RSI is no longer confirming the highs.
This adds weight to the argument that Wave 5 has likely topped out and a retracement is in sight.
🎯 Today’s Trade Plan
🔹 Buy Opportunities (in line with main trend):
Quick Buy:
▶️ Entry: 3396 – 3398
▶️ SL: 3391
▶️ TP: 3400 – 3412 – 3425
Main Buy Zone:
▶️ Entry: 3350 – 3352
▶️ SL: 3345
▶️ TP: 3375 – 3400 – 3435 – 3477
Scalping Note:
🔸 Watch 3375 – 3377 for quick scalping opportunities.
🔻 Sell Setups (if reversal is confirmed):
Resistance Sell Zone 1:
▶️ Entry: 3452 – 3454
▶️ SL: 3459
▶️ TP: 3440 – 3425 – 3390
Resistance Sell Zone 2:
▶️ Entry: 3475 – 3477
▶️ SL: 3482
▶️ TP: 3460 – 3455 – 3440 – 3425
✅ Stick to trend-following buys for now and only consider shorting if a strong reversal setup is confirmed.
📌 Follow for daily updates on gold strategies, live levels and market-ready trade setups.
#XAUUSD #GoldOutlook #FibonacciLevels #ElliottWave #TechnicalAnalysis #VolumeDivergence #ScalpingGold #TradingStrategy #GoldAnalysis #TradingViewUK #LondonSession
In the early Asian session, gold tapped into the 1.272 Fibonacci extension, which aligns perfectly with a key H4 resistance zone. According to Elliott Wave Theory, this may mark the completion of Wave 5, and I'm anticipating that this upward move has likely come to an end around the 3439 level.
📊 Technical Analysis
At current price levels, we’re seeing clear bearish divergence on both volume and RSI:
Price is pushing higher,
But volume is dropping, and RSI is no longer confirming the highs.
This adds weight to the argument that Wave 5 has likely topped out and a retracement is in sight.
🎯 Today’s Trade Plan
🔹 Buy Opportunities (in line with main trend):
Quick Buy:
▶️ Entry: 3396 – 3398
▶️ SL: 3391
▶️ TP: 3400 – 3412 – 3425
Main Buy Zone:
▶️ Entry: 3350 – 3352
▶️ SL: 3345
▶️ TP: 3375 – 3400 – 3435 – 3477
Scalping Note:
🔸 Watch 3375 – 3377 for quick scalping opportunities.
🔻 Sell Setups (if reversal is confirmed):
Resistance Sell Zone 1:
▶️ Entry: 3452 – 3454
▶️ SL: 3459
▶️ TP: 3440 – 3425 – 3390
Resistance Sell Zone 2:
▶️ Entry: 3475 – 3477
▶️ SL: 3482
▶️ TP: 3460 – 3455 – 3440 – 3425
✅ Stick to trend-following buys for now and only consider shorting if a strong reversal setup is confirmed.
📌 Follow for daily updates on gold strategies, live levels and market-ready trade setups.
#XAUUSD #GoldOutlook #FibonacciLevels #ElliottWave #TechnicalAnalysis #VolumeDivergence #ScalpingGold #TradingStrategy #GoldAnalysis #TradingViewUK #LondonSession
Trade active
The buy setup at 3398–3398 hit stop-loss due to heavy liquidity pressure yesterday. However, the 3375–3377 buy signal worked well and delivered a solid 100-pip reaction.
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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.
Related publications
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.