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      Gold Struggling to Break Through: XAUUSD Elliott Wave Forecast

      Published: just now

      Gold Struggling to Break Through: XAUUSD Elliott Wave Forecast

      Executive Summary

      •  
      • Trend Bias: Gold (XAUUSD) is in the middle of a triangle pattern, currently in wave ((c)).
      • Key Levels: Support zones to watch include $3,245 and $3,120.
      • Once this wave terminates to the downside, then we anticipate a small rebound in wave ((d)) to hold below $3,450.

       

       

      Current Elliott Wave Analysis

      Visual content

      Gold’s price action suggests it is carving an Elliott wave triangle pattern. Gold appears to be in the middle of the symmetrical triangle, in wave ((c)) of the 5-wave pattern.

       

      Wave ((c)) is carving as a double zigzag with the current wave lower labelled as ‘a’ of the second zigzag (y).

      This wave lower appears incomplete and we forecast it’ll likely bottom $3,120 - 3,245.

       

      There are previous swing lows near $3,245 (green circles). Additionally, wave ((c)) is equal to .618 times wave ((a)) at $3,220, a common wave relationship within a triangle. Lastly, wave (y) is the 100% Fibonacci extension of wave (w) at $3,232.

       

      As you can see, there are several wave relationships suggesting strong support near $3,220-3,245. 

       

      For the larger triangle pattern to remain valid, this wave ((c)) decline would need to hold above $3,120.

       

       

      Bottom Line

       

      Gold appears to be declining in the middle of a large triangle pattern. The current decline is labeled wave (c of (y) of ((c)) and likely reaches $3,120 - $3,245.

       

      Once this decline is complete, then a shallow rally in wave ((d)) of the triangle likely holds below $3,450.

      Alchemy Markets is a multi-asset brokerage providing retail traders with the same elite trading conditions, tools, and transparency typically reserved for institutions.

      This content may have been written by a third party. LiquidityFinder makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplies by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.
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