### **Current Situation**
1. **Price**: Gold is currently priced at $3,237.95, up +7.19 (+0.22%) today.
2. **EMA**:
- EMA 3,148.27 is below the current price, indicating potential support.
- EMA 3,079.72 is also below the current price, further suggesting support.
3. **RSI**: The Relative Strength Index is at 71.30, suggesting the market is approaching overbought conditions.
### **Technical Analysis**
#### **Elliott Wave Theory**
- The chart indicates a completed 5-wave upward move, labeled (1) through (5).
- Following this, a corrective phase (ABC) seems to be unfolding.
#### **EMA Analysis**
- **EMA 3,148.27**: This EMA level might act as support.
- **EMA 3,079.72**: Similar to the other EMA, it also represents a support level.
#### **RSI Divergence**
- The chart marks "Bear" zones, and the RSI reading of 71.30 confirms that gold is nearing overbought conditions.
### **Recommendations for Traders**
1. **Short-Term Strategy**:
- Watch for resistance at the recent high around $3,254. Failure to break above this level could lead to a correction.
- Support could be found near the $3,148 (EMA 3,148.27) and $3,080 levels.
2. **Medium-Term Strategy**:
- Be cautious about potential for deeper correction after completing the 5-wave pattern.
- Key support levels include prior wave 4.
3. **Levels to Watch**:
- Resistance: $3,254.
- Support: $3,148.27 and $3,079.72.
### **Conclusion**
Gold prices appear to be in a corrective phase after completing a 5-wave pattern. Traders should watch key resistance levels and be aware of the potential for a downside. A break above resistance at $3,254 could signal a continuation of the uptrend.
Citations:
[1] pplx-res.cloudinary.com/image/upload/v1744536687/user_uploads/pXHiDkMBIBGeBtg/image.jpg
[2] pplx-res.cloudinary.com/image/upload/v1744536690/user_uploads/RSirXmQjXZHukIU/image.jpg
[3] pplx-res.cloudinary.com/image/upload/v1744537447/user_uploads/lCXFuINbsZAiKey/image.jpg
[4] pplx-res.cloudinary.com/image/upload/v1744537678/user_uploads/WwlRPWsULdXpTxu/image.jpg
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Answer from Perplexity: perplexity.ai/search/provedi-analiz-dvizheniia-tsen-LJo3GYGgQm6kiLbtOscCTw?0=d&utm_source=copy_output
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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.