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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.
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 $4,445.30 ▲1.2%
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