Description:
Gold appears to be completing a five-wave Elliott structure with the current move approaching wave (v). The price has now entered a key Fibonacci resistance zone between $3,444 and $3,675, corresponding to the 0.586–0.618 levels.
This area may act as a potential reversal zone, especially with confluence from previous highs and long-term trendlines.
📉 Correction Scenario: If a top forms here, we may see a multi-month correction targeting:
TP1: $2,971 – $2,693
TP2: $2,200 – $2,000 (long-term support zone)
⚠️ Risk Note:
This could be the final leg of the bull run. Risk-reward no longer favors aggressive long positions unless there's a confirmed breakout with high volume.
📌 Monitoring price action around this resistance will be crucial. A sharp rejection here may trigger the beginning of the next corrective phase.
#Gold #XAUUSD #ElliottWave #TechnicalAnalysis #TradingView
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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.