Gold's Next Wave: Ready to Ride the Wave 5 Surge
Updated
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
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FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
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