Gold (XAU/USD) Analysis Using Elliott Wave

Current Market Structure & Elliott Wave Count

Wave 3 Completed near 2050+ (Key Resistance)

Wave 4 Correction Ongoing, currently testing 3006 - 2990

Wave 5 Expansion Potential if price holds support & reverses upward

Key Levels & Trading Zones
Major Resistance: 3080
Resistance: 3050
Pivot Zone: 3030
Mid-Level Control: 3010
Strong Support: 2990
Major Support: 2970
Breakdown Level: 2950
Ultimate Support: 2900

Trading Strategy & Execution Plan
Bullish Scenario (Wave 4 Completion & Wave 5 Start)


📌 Long Entry:
Buy at: 2990 - 2970
Stop Loss (SL): 2960
Take Profit (TP1): 3030
Take Profit (TP2): 3050
Take Profit (TP3): 3080
🎯 Probability: 80% (If price finds support above 2990)


Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:
Sell at: 3030 - 3050 (Wave 3 High Rejection)
Stop Loss (SL): 3060
Take Profit (TP1): 3010
Take Profit (TP2): 2990
Take Profit (TP3): 2950
🎯 Probability: 70% (If price rejects 3050 resistance)

Final Thoughts & Risk Management
✅ Bias: Bullish above 2990, Bearish below 2970
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch US Dollar Strength & Gold Fundamentals