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Gold resumes a strong Elliott Wave advance in XAUUSD
The outlook stays bullish as long as a key pivot around $3,997.04 holds, with further upside expected to complete wave (5).
Action Forex outlines a short-term Elliott Wave count for Gold, traded as XAUUSD, saying the move higher off the June 30 low is unfolding as an impulsive sequence. In that structure, wave (1) ended at $4,203.21 and wave (2) pulled back to $3,959.37, before wave (3) surged to finish at $4,449.73 on the one-hour chart.
The analysis then describes a corrective wave (4) developing as a zigzag, with wave A at $4,363.84, wave B retracing to $4,402.12, and wave C dropping to $4,310.65 to complete wave (4). After that, the metal is expected to resume higher into wave (5), with wave 1 reaching $4,416.46 and wave 3 concluding at $4,527.24.
Looking ahead, Action Forex expects a pullback in wave 4, potentially unfolding over three or seven swings, before the broader advance continues. The bullish bias is described as intact while the pivot at $3,997.04 remains in place, which it says would set up additional gains to complete wave 5 of (5).
Latest closeGold $4,432.00 ▲1.6%