Gold has completed a clean Wave (2) correction, bottoming at $3,292.30, respecting both structural demand and fib confluence. Price is now showing early signs of Wave (3) development to the upside.
📌 Key Structure:
Wave (1) High: $3,403.30
Wave (2) Low: $3,292.30 (confirmed higher low structure)
Market is now consolidating slightly above the 0.5 fib level ($3,324.45), with bullish structure still intact.
📈 Technical Confluence:
Price is holding the internal bullish trendline
RSI is neutral but building potential upside momentum
Price action is forming higher lows, indicating strength post-correction
🎯 Next Bullish Targets:
$3,366.08 (0.236 fib level of Wave (2) correction)
$3,403.30 (Wave (1) high retest)
Final Wave (3) extension zone: $3,445 – $3,500
📉 Invalidation Level:
A break and close below $3,292.30 would invalidate this Wave (2) bottom and open the door for a deeper correction.
✅ Bias:
Bullish, as long as price holds above the 0.618 – 0.705 fib zone. A strong push from this area could confirm the next leg of Wave (3).
WrightWayInvestments
WrightWayInvestments
WrightWayInvestments
📌 Key Structure:
Wave (1) High: $3,403.30
Wave (2) Low: $3,292.30 (confirmed higher low structure)
Market is now consolidating slightly above the 0.5 fib level ($3,324.45), with bullish structure still intact.
📈 Technical Confluence:
Price is holding the internal bullish trendline
RSI is neutral but building potential upside momentum
Price action is forming higher lows, indicating strength post-correction
🎯 Next Bullish Targets:
$3,366.08 (0.236 fib level of Wave (2) correction)
$3,403.30 (Wave (1) high retest)
Final Wave (3) extension zone: $3,445 – $3,500
📉 Invalidation Level:
A break and close below $3,292.30 would invalidate this Wave (2) bottom and open the door for a deeper correction.
✅ Bias:
Bullish, as long as price holds above the 0.618 – 0.705 fib zone. A strong push from this area could confirm the next leg of Wave (3).
WrightWayInvestments
WrightWayInvestments
WrightWayInvestments
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