Stromm | GOLD Bullish Continuation in PlayIt’s good to see Gold OANDA:XAUUSD getting the attention it deserves again. But honestly, the performance it’s putting in right now is just insane.
If you zoom into the 4-hour chart, you’ll spot a clear Demand Continuation Pattern:
Rally → Base → Rally.
In simple terms: strong move up, sideways consolidation, strong move up again.
The first rally pushed Gold up 9.77% within a few days, followed by a sideways base, and then another 9.6% rally straight into the $3,500 mark.
With commodities like Gold, you really feel how powerful psychological levels are — $3,000, $3,500, $4,000 — all massive magnet zones where large investors naturally look to take profits.
Now, after tagging $3,500, we’ve pulled back.
If this Demand Continuation structure holds, here's how I see it playing out:
Inside the current base, there’s a 4-hour order block, and it’s the one I’m watching most closely.
Ideally, we get a push up into the 4h Balance Price Range between $3,336–$3,347, followed by a rejection that sweeps the Previous Weekly Low, tagging that 4h order block for a proper retest.
From there, a move toward the 8h Balance Price Range would be good.
Now, two possibilities:
Best case for bears: After retesting that 4h zone, we fall further — possibly targeting $3,050.
Sneaky scenario: We fake a drop to trigger stop-losses, push back up toward $3,510, then properly roll over.
On the monthly chart, it gets even more interesting:
Given the massive rejection off $3,500, I wouldn’t rule out a much deeper retracement toward $2,500–$2,000 before Gold makes another serious attempt at $4,000.
That would perfectly fit into a larger Elliott Wave structure, completing a Wave 3 or setting up a Wave 5 push later.
(And yes — catching a Wave 3 top is brutal — especially when it is an all-time high)
Unless geopolitical events massively change the landscape, it feels like $3,500 is a strong local top — for now.
But if the world starts burning again?
Gold might have other plans.
