Gold's Next Wave: Ready to Ride the Wave 5 Surge
Elliott Wave Analysis on XAU/USD (Gold Spot)
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In this 1-hour chart of XAU/USD, we're currently tracking a developing Elliott Wave structure that suggests a potential bullish continuation after completing Wave 4.
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Key Observations:
1. Wave Count The chart illustrates a completed 5-wave structure within Wave 3, leading to the beginning of a corrective Wave 4.
2. Fibonacci Retracement : Wave 4 is expected to correct between the 23.6% and 38.2% retracement levels of the preceding Wave 3. The correction is anticipated to find support within the highlighted zone, around 2453-2439 USD.
3. Wave 5 Projection :After the completion of Wave 4, the price is likely to resume its uptrend in Wave 5. The target for Wave 5 could extend to the 2476-2496 USD zone, aligning with the typical projection of Wave 5 being equivalent to Wave 1.
4. Potential Entry Zone : Traders may consider looking for bullish signals in the support area (2439-2453 USD) for a potential long entry, targeting the higher resistance levels as projected for Wave 5.
Conclusion:
Gold remains in a bullish trend, with the current price action presenting an opportunity to join the trend post-correction. As always, traders should watch for confirmation before entering trades and manage risks accordingly.
.
In this 1-hour chart of XAU/USD, we're currently tracking a developing Elliott Wave structure that suggests a potential bullish continuation after completing Wave 4.
.
Key Observations:
1. Wave Count The chart illustrates a completed 5-wave structure within Wave 3, leading to the beginning of a corrective Wave 4.
2. Fibonacci Retracement : Wave 4 is expected to correct between the 23.6% and 38.2% retracement levels of the preceding Wave 3. The correction is anticipated to find support within the highlighted zone, around 2453-2439 USD.
3. Wave 5 Projection :After the completion of Wave 4, the price is likely to resume its uptrend in Wave 5. The target for Wave 5 could extend to the 2476-2496 USD zone, aligning with the typical projection of Wave 5 being equivalent to Wave 1.
4. Potential Entry Zone : Traders may consider looking for bullish signals in the support area (2439-2453 USD) for a potential long entry, targeting the higher resistance levels as projected for Wave 5.
Conclusion:
Gold remains in a bullish trend, with the current price action presenting an opportunity to join the trend post-correction. As always, traders should watch for confirmation before entering trades and manage risks accordingly.
Trade active
Price arrived the support zone but no clear Long signal , I'm short TP2440
Trade active
Close Short, Start open LongTrade closed: target reached
Wave 5 Confirmed , Scale out Long position.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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.