On the 4hr you could see that wave C is in progress. On the daily gold is currently busy with a Wave 5. Once Wave C is finish on 4hr we might get a movement up . Wave ABC on the 4hr is a pullback on the daily.
Note
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XAUUSD 4H – Wave C In Progress?
Price is currently below the 50 & 200 EMA on the 4H, indicating bearish momentum remains in play. After completing a corrective wave B near the 61.8%–88% fib retracement zone, gold is struggling to break higher and is respecting the trendline resistance.
Key notes:
Wave C appears to be unfolding, with a possible target around the -27% fib extension (~3120).
Major resistance sits near 3340–3350 (trendline + fibs).
For bulls, a close above the 200 EMA and trendline could invalidate this bearish setup.
Volume and RSI show no strong reversal yet; watch for confirmation.
Overall bias: Still bearish until price can reclaim above 3340 and hold. If the downtrend continues, watch for the 3200–3120 zone as a potential reaction area
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.