Gold XAUUSD Elliott Wave Technical Analysis

Gold has seen a pullback in the last days of September after hitting another all-time high. The ongoing impulse wave cycle, which started in October 2022, indicates that once the current correction finds support, further rallies could follow.

Gold XAUUSD Commodity Daily Chart Analysis

From an Elliott Wave standpoint, the daily chart reveals that Gold began a cycle degree impulse wave sequence in October 2022. Waves I and II of this sequence completed in May 2023 and October 2023, respectively. Gold is now in the third wave, with wave III still incomplete. Specifically, Gold is in wave 5 of (3) of 3 (circled) of III, suggesting that significant upside potential remains. This analysis points to Gold's bullish trend continuing, with potential pullbacks offering traders buying opportunities as the upward trend likely resumes.

Gold-XAUUSD-Commodit...


Gold XAUUSD Commodity H4 Chart Analysis

On the H4 chart, Gold is experiencing a pullback, likely forming sub-minuette degree wave iv of minuette degree wave (iii) of minute degree wave iii (circled). After wave iv finds support, bullish momentum is expected to return, continuing the rally. Buyers could look for entry points near the dip, anticipating the upward trend to resume once wave iv is completed.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Cocoa Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

Gold-XAUUSD-Commodit...


Conclusion

In summary, Gold remains in a long-term bullish trend, with more rallies expected after the current pullback ends. Elliott Wave analysis suggests that wave III is still developing, leaving room for more upside potential. Traders should monitor key support levels, as these pullbacks could offer attractive buying opportunities before Gold resumes its upward movement.

Related

Australian Dollar/U.S.Dollar (AUDUSD) Forex Elliott Wave Technical Analysis: In-depth Trading Lounge Chart Overview

Australian Dollar/U.S.Dollar (AUDUSD) Forex Elliott Wave Technical Analysis: In-depth Trading Lounge Chart Overview

This article provides an in-depth Elliott Wave analysis of the AUDUSD pair, featuring key insights i...

Read More >
Commodity Market Update: Forecast for Gold, Silver, and Base Metals Amid Rising US Dollar and Treasury Yields

Commodity Market Update: Forecast for Gold, Silver, and Base Metals Amid Rising US Dollar and Treasury Yields

This commodity market update highlights expectations for key financial instruments and commodities i...

Read More >
Elliott WaveTechnical Analysis of Iron Ore Market: SGX TSI Index Insights, Price Trends, Technical Forecasts, and Key Market Dynamics

Elliott WaveTechnical Analysis of Iron Ore Market: SGX TSI Index Insights, Price Trends, Technical Forecasts, and Key Market Dynamics

This article offers a comprehensive Elliott Wave analysis of the iron ore market, focusing on price ...

Read More >
HDFC Bank Stock Analysis: Elliott Wave, Daily and 4H Chart Insights, Key Resistance Levels, and Future Predictions

HDFC Bank Stock Analysis: Elliott Wave, Daily and 4H Chart Insights, Key Resistance Levels, and Future Predictions

This article provides a comprehensive Elliott Wave analysis of HDFC Bank's stock, featuring insi...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on