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Updated Gold (XAU/USD) Elliott Wave Analysis

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Before

Gold price Elliott Wave analysis showing Wave 4 correction and potential Wave 5 breakout
Gold Daily Chart: Wave 5 in motion: Proposed completion of Wave 4?”

After

Elliott Wave analysis of Gold (XAU/USD) on the daily timeframe, showing a completed Wave (5) near the $2,905 Fibonacci extension level, with key resistance, potential retracement zones, and trend projections.
Gold has reached our projected resistance zone at $2,905 – $2,940, aligning with the 161.8% Fibonacci extension. Is this the end of Wave (5), or will XAU/USD break toward $3,050? See our full Elliott Wave breakdown for the next potential moves.”

? Gold Hits $2,887 – What’s Next?

Gold has reached our projected resistance zone of $2,874 – $2,940, perfectly aligning with our Elliott Wave analysis. Now, the key question is:

? Will XAU/USD break past $2,940 toward $3,050?
? Or is a correction back to $2,740 in play?

? Key Price Levels to Watch

✅ Bullish Targets:

  • $2,874 – $2,940 (Previously projected resistance)
  • $3,000 – $3,050 (Next upside Fibonacci extension)

✅ Bearish Scenario:

  • If $2,940 rejects price action, a correction could unfold.
  • Support Levels:
    • $2,740 (Previous breakout zone)
    • $2,634 – $2,500 (Deeper correction levels)

? Elliott Wave Breakdown: How We Got Here

  • In our last analysis, we anticipated that Gold was in Wave (5) of an impulse.
  • The latest price action confirms this bullish cycle, with Gold hitting $2,887, near the 161.8% Fibonacci extension of $2,905.
  • RSI & MACD still show strength, but a slowdown at this level could signal a pending correction.

? Trading Strategy Considerations

? Bearish Approach (Shorting Gold)

  • Look for a confirmed rejection at $2,940.
  • A breakdown below $2,861 could signal weakness.
  • Target $2,740, with an extended target at $2,500.

? Bullish Approach (Buying Gold)

  • If $2,905 – $2,940 holds as support, the uptrend remains intact.
  • A clean breakout above $2,940 could push toward $3,050.
  • Watch for consolidation above $2,861 as a confirmation.

? What’s Your Take? Drop a Comment Below!

Do you think Gold will break past $3,000, or is a correction due?
? Comment your predictions! ?

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