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Gold seen targeting $5,992 to $6,627 in Elliott Wave count

The outlook frames gold as in a corrective wave (IV) after a prior wave (III) advance from the 2022 low, based on a weekly chart.

Reported · Written up by our desk · Precious Metals

Action Forex says gold has been a clear example of Elliott Wave structure, with the move from the 2022 low developing in an impulsive pattern consistent with a five-wave sequence.

After what it describes as a strong wave (III) advance, the outlet says gold has shifted into a corrective wave (IV) phase, as shown on its weekly chart.

Based on that count, Action Forex points to a next target range of $5,992 to $6,627, tied to an inverse 1.236 to 1.618 extension framework.

Latest closeGold $4,509.30 ▲0.7%

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