✨ Overview
In this update, we revisit Gold’s price action with a detailed Elliott Wave count and technical confluence. We’re currently tracking a primary bearish scenario, with a clear 5-wave structure underway, but a bullish alternative is also developing. Let’s break down the charts, levels, and potential moves.
↓ Primary Bearish Scenario (15-Min to 1-Hour View)
1-Hour Update:
Structure:
- Wave 3 completed near $3,150 (3.618 extension).
- Wave 4 correction potentially completed with RSI divergence.
- Now tracking a 5th wave lower into the $3,050–$3,030 region (confluence of lower channel + previous demand zone).
Confluence Factors:
- Bearish channel structure holds.
- RSI rejection from 63–65 zone.
- MACD shows fading momentum.
Key Level to Watch: $3,225–$3,250 as invalidation for the bearish impulse.
🔄 Alternative Bullish Scenario (1-Hour to 4-Hour View)
1-Hour Bullish Setup:
4-Hour Count Context:
Structure:
- Wave 4 may have completed at $3,150, with a clear 5-wave impulse visible into the correction.
- Price has reclaimed a key trendline and support.
- RSI and OBV diverged at the recent low.
Bullish Projection:
- Wave (3) targets: $3,360 (1.618), and $3,492 (2.618 extension).
- This scenario requires price to break and hold above $3,250 (CISD level).