Commodities
Home›Commodities›Precious Metals›Gold traders watch a Fibonacci support zone after a pu…
Gold traders watch a Fibonacci support zone after a pullback
Technical analysis points to a specific buy-support range at 4,315.86 to 4,261.32 and says a break above 4,450 would confirm the next upside leg.
Action Forex examines the Elliott Wave structure of Gold against the US dollar, XAUUSD, describing a three-wave pullback after a rally and calling it a bullish Elliott Wave sequence setup.
The analysis identifies the key “buying zone” using an Equal Legs area measured with a Fibonacci extension tool. It places the ideal support range at 4315.86 to 4261.32, where the commodity is expected to attract buyers and trigger at least a three-wave bounce, potentially extending toward new highs.
Action Forex adds that the pullback remains incomplete in its current structure, which it says could allow for additional downside before a broader correction is finished. It highlights a level at 4,450 as the break above the “3 red peak” needed to confirm the next leg higher is underway.
The outlet also notes its outlook is not based on Elliott Wave alone, citing higher-time-frame cycle analysis, correlation checks, and broader market context as part of the assessment.
Latest closeGold $4,432.00 ▲1.6%