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Gold rallies after Elliott Wave count signals bullish upside
The update says gold rose more than 2,000 points after a six-month correction ended, with price projected to see a minor pullback before a final push higher.
Action Forex said its latest Elliott Wave count for XAUUSD indicates a strong bullish outlook, after price action surged more than 2,000 points toward the 4630.22 level.
The outlet cited gold peaking earlier this year at 5589.97 on 01.29.2026, then entering a six-month corrective phase that ended at 3940.68 on June 30, 2026. It said gold subsequently rallied to complete wave (4) at 4309.78 and moved into a new impulsive sequence.
Action Forex said the setup held above its invalidation level at 3997.04, confirming the end of the correction and the start of a new bullish wave. It added that price broke above the wave (3) peak to confirm the next leg higher and that the invalidation level was adjusted up to 4309.78.
In its short-term outlook, Action Forex said it favors a minor wave ((iv)) pullback before a final push higher in wave ((v)), aimed at completing wave 3 from the August 19, 2026 low and setting up a broader wave 4 correction.
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