The gold market is currently undergoing a corrective phase after completing a clear Elliott Wave 5-wave impulse structure to the upside, as marked on the chart.
🟦 Wave Count Overview:
The chart shows a completed 5-wave impulse structure labeled (1) to (5).
The sub-waves within Wave (5) are also clearly detailed: (i), (ii), (iii), (iv), and (v).
This suggests that the bullish cycle has likely peaked near the $3,080–$3,100 range.
🔽 Expected Correction:
A sharp downward move has already started after Wave (v), implying a potential ABC corrective pattern is underway.
The arrow indicates a projected move towards the $2,960 support zone, marked by the first purple rectangle. This zone previously acted as resistance and now could serve as a demand area.
🟪 Key Support Zones:
$2,950–$2,970: Minor support based on the consolidation from mid-March.
$2,850–$2,870: Stronger support level, also aligned with lower channel support and previous Wave (4).
📉 Trend Analysis:
The price is still within a long-term rising channel.
A breakdown below the $2,950 zone could bring gold toward the $2,850 zone, where the structure suggests more significant support.
🔍 Conclusion:
Gold appears to be entering a corrective phase after an extended bullish run. Traders should monitor how price reacts around the $2,950–$2,850 levels. A bounce from those zones could provide long opportunities, while a breakdown would confirm a deeper retracement.
#gold #xauusd
🟦 Wave Count Overview:
The chart shows a completed 5-wave impulse structure labeled (1) to (5).
The sub-waves within Wave (5) are also clearly detailed: (i), (ii), (iii), (iv), and (v).
This suggests that the bullish cycle has likely peaked near the $3,080–$3,100 range.
🔽 Expected Correction:
A sharp downward move has already started after Wave (v), implying a potential ABC corrective pattern is underway.
The arrow indicates a projected move towards the $2,960 support zone, marked by the first purple rectangle. This zone previously acted as resistance and now could serve as a demand area.
🟪 Key Support Zones:
$2,950–$2,970: Minor support based on the consolidation from mid-March.
$2,850–$2,870: Stronger support level, also aligned with lower channel support and previous Wave (4).
📉 Trend Analysis:
The price is still within a long-term rising channel.
A breakdown below the $2,950 zone could bring gold toward the $2,850 zone, where the structure suggests more significant support.
🔍 Conclusion:
Gold appears to be entering a corrective phase after an extended bullish run. Traders should monitor how price reacts around the $2,950–$2,850 levels. A bounce from those zones could provide long opportunities, while a breakdown would confirm a deeper retracement.
#gold #xauusd
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