Gold (XAUUSD) Commodity Elliott Wave Technical Analysis

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Gold Elliott Wave Analysis

It appears the current Gold pullback is completed and the commodity could be set to continue the all-time bullish trend to a fresh record high. From the Elliott wave theory perspective, Gold is expected to rally further to 2800 and beyond before the next pullback starts.

Daily Chart Analysis

On the daily chart, Gold completed the cycle degree wave II in October 2023 at 1810. Thus, the current bullish cycle can be traced to that date. Currently, the price is in wave ((iii)) of 5 of (3) of ((3)) of III. This indicates that Gold still has the potential to rally another 30-50% from the current price. Thus, buyers should be interested in buying pullbacks.

H4 Chart Analysis

On the H4 chart, the price is in wave (iv) of ((iii)) which appears to have finished or may do a double zigzag if the current bounce from 2701 is corrective. A zigzag structure has been completed and the next price action will determine whether recovery for wave (v) of ((iii)) will happen or wave (iv) will drop lower in a double zigzag structure. Whichever is the case, Gold is expected to continue to the upside to complete wave ((iii)) before the next pullback in ((iv)) starts.

Technical Analyst : Sanmi Adeagbo

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