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Gold set for potential bounce after pullback near 4299 to 4281

The analysis says a hold above 4292 would support the view that the next rally leg is already unfolding, while a break lower would raise risk that the pullback is not yet finished.

Reported · Written up by our desk · Precious Metals

Action Forex’s technical analysis for gold (XAUUSD) says the metal recently completed a 3-wave pullback and then rallied from an “equal legs” area, with the current count framed as a correction within a larger cycle that began from a 4233.8 low.

The blog points to a specific buying zone at 4299 to 4281, noting that price reached that area and found support there, with the pullback counted as completed at a 4292 low.

According to the same Elliott Wave scenario, as long as gold holds above 4292, wave ((ii)) is considered complete and wave ((iii)) could be in progress toward new highs.

If gold breaks below 4292, the outlet says the earlier pullback may still be unfolding, and the 4234 low would become increasingly vulnerable.

Latest closeGold $4,348.00 ▼0.7%

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