Gold appears to have completed a corrective Elliott Wave structure (A)-(B)-(C) within a contracting wedge pattern, followed by a bullish breakout signaling the beginning of a new impulsive wave cycle.
🔹 Wave Structure Overview
The corrective decline formed a clear ABC correction inside a falling wedge, marked in red.
Following the final touch on the wedge's lower boundary, we saw a 5-wave impulsive breakout—suggesting the end of correction and initiation of a larger degree impulse wave.
Subwaves (1)-(2) appear to have completed in the new uptrend, with Wave (3) currently in motion.
🔹 Fibonacci Extension Targets for Wave (3)
Using the Fibonacci extension from the base of Wave (1)-(2):
1.13 Extension = $3,517
1.272 Extension = $3,551
1.414 Extension = $3,585
1.618 Extension = $3,635 (Primary target for Wave (3))
These are key resistance levels to watch as price progresses higher.
🟢 Bullish Scenario
A sustained break above recent resistance (~$3,345) should trigger momentum toward Wave (3)’s target range.
Price action and structure support a move toward $3,550–$3,635 in the coming days.
Minor pullbacks (Wave 4) expected before the final move into Wave 5 completion.
🔴 Bearish Invalidations
If price breaks below the current Wave (2) low (~$3,240), the bullish impulsive count may be invalidated.
Invalidation of the impulsive structure would imply either a deeper correction or re-entry into range-bound consolidation.
📌 Conclusion:
Gold is showing strong bullish momentum post-correction with a potential extended Wave (3) in progress. Breakout traders can look for continuation setups above $3,345 with targets at the Fibonacci extensions noted. Risk should be managed below Wave (2) low.
#XAUUSD #GoldAnalysis #ElliottWave #TradingView #Wave3Breakout #FibonacciTargets #GoldOutlook
🔹 Wave Structure Overview
The corrective decline formed a clear ABC correction inside a falling wedge, marked in red.
Following the final touch on the wedge's lower boundary, we saw a 5-wave impulsive breakout—suggesting the end of correction and initiation of a larger degree impulse wave.
Subwaves (1)-(2) appear to have completed in the new uptrend, with Wave (3) currently in motion.
🔹 Fibonacci Extension Targets for Wave (3)
Using the Fibonacci extension from the base of Wave (1)-(2):
1.13 Extension = $3,517
1.272 Extension = $3,551
1.414 Extension = $3,585
1.618 Extension = $3,635 (Primary target for Wave (3))
These are key resistance levels to watch as price progresses higher.
🟢 Bullish Scenario
A sustained break above recent resistance (~$3,345) should trigger momentum toward Wave (3)’s target range.
Price action and structure support a move toward $3,550–$3,635 in the coming days.
Minor pullbacks (Wave 4) expected before the final move into Wave 5 completion.
🔴 Bearish Invalidations
If price breaks below the current Wave (2) low (~$3,240), the bullish impulsive count may be invalidated.
Invalidation of the impulsive structure would imply either a deeper correction or re-entry into range-bound consolidation.
📌 Conclusion:
Gold is showing strong bullish momentum post-correction with a potential extended Wave (3) in progress. Breakout traders can look for continuation setups above $3,345 with targets at the Fibonacci extensions noted. Risk should be managed below Wave (2) low.
#XAUUSD #GoldAnalysis #ElliottWave #TradingView #Wave3Breakout #FibonacciTargets #GoldOutlook
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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.
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.