Posted: June 13, 2025
Gold is pressing into a major resistance zone near 3450, potentially completing a complex double zigzag correction labelled W-X-Y. Price action is testing the previous X-wave high, which may cap the move and lead into a broader consolidation or triangle structure.
Wave Y may be complete at 3450–3460 resistance.
Watching for triangle development into wave (E), with deeper downside risk in alternate W-X-Y scenario if support fails.
🔁 Elliott Wave View
- The rally from the May low appears corrective, forming a W-X-Y structure.
- Wave Y (green B) may have just completed near 3450–3460, coinciding with a supply zone and prior swing high.
- If confirmed, a developing contracting triangle for wave (C)-(D)-(E) is expected, potentially carving out wave (B) of a larger correction.
🧭 Alternative Scenario
- A deeper decline remains valid as an alt W-X-Y formation toward the 3080–3000 region, especially if support near 3240 breaks decisively.
⚠️ Key Levels
- Resistance: 3450–3460 (green zone)
- Support: 3240–3280 (triangle base), followed by 3080 and 3000 in the alt view
✍️ Outlook
- Neutral short-term – watching for signs of triangle development
- Bullish bias resumes only on breakout above 3460
- Bearish alt gains traction if triangle support fails