Gold Elliott Wave analysis
Gold has completed the pullback from late September and is now in recovery toward another high as the all-time bullish impulse cycle continues. In the short term, further rallies are expected while pullbacks are expected to end above the 10-October low.
Daily chart analysis
From an Elliott wave perspective, the daily chart shows that Gold initiated a cycle degree impulse wave sequence in October 2022. Waves I and II of this sequence concluded in May 2023 and October 2023, respectively. Currently, the metal is in the third wave, and within it, wave III appears incomplete. Specifically, Gold is in wave 5 of (3) of 3 (circled) of III, indicating that there is significant upside potential remaining. This suggests that Gold's bullish trend is far from over, and traders should be vigilant for potential pullbacks, which could offer attractive buying opportunities as the upward trend resumes.
Four-hour chart analysis
On the H4 chart, the price completed wave iv of (iii) and is now upside in wave v of (iii) of ((iii)). By projection, wave (iii) could extend to 2767 before the next pullback in wave (iv) of ((iii)) begins. Traders should focus on the buy side of this market and find entries from pullbacks.
Gold Elliott Wave technical analysis [Video]
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