Elliott Wave View: Gold (XAUUSD) Starts Next Leg Higher – Action Forex
Short Term Elliott Wave View in Gold (XAUUSD) suggests that rally to 2790.07 ended wave ((3)). Pullback in wave ((4)) unfolded as a double three Elliott Wave structure. Down from wave ((3)), wave A ended at 2724.6 and rally in wave B ended at 2749.9. Wave C lower ended at 2643.1 which completed wave (W) in higher degree. Rally in wave (X) ended at 2710.61. The metal then turned lower in wave (Y) with subdivision as another zigzag. Down from wave (X), wave A ended at 2589.5 and wave B rally ended at 2618.8. Wave C lower ended at 2537.7 which completed wave (Y) of ((4)) in higher degree.
The metal has turned higher in wave ((5)). Up from wave ((4)), wave ((i)) ended at 2577.47 and wave ((ii)) pullback ended at 2554.34. The metal extended higher in wave ((iii)) towards 2641.92 and pullback in wave ((iv)) ended at 2618.7. Expect wave ((v)) of 1 to end soon and the metal to turn lower in wave 2 to correct cycle from 11.14.2024 low in 3, 7, or 11 swing before it resumes higher. Near term, as far as pivot at 2537.7 low stays intact, expect dips to find buyers in 3, 7, or 11 swing for further upside.
XAUUSD 60 Minutes Elliott Wave Chart
XAUUSD Elliott Wave Video
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