Gold (XAUUSD) Elliott Wave Technical Analysis

Gold is recovering after a recent pullback in late September, continuing its bullish impulse cycle toward a potential new high. The outlook remains positive, with more rallies expected. Short-term pullbacks are likely to remain above the October 10 low, keeping the uptrend intact.

Gold (XAUUSD) Commodity Daily Chart Analysis

From an Elliott Wave perspective, the daily chart confirms that Gold began a major impulse wave sequence in October 2022. The first (I) and second (II) waves completed in May 2023 and October 2023, respectively. The market is currently within the third wave (III), which is still unfolding.

• Gold is now in wave 5 of (3) of 3 (circled) of III, signaling more upside potential.

• This ongoing bullish cycle indicates that the uptrend is not yet complete.

• Pullbacks during this phase could create opportunities for long positions, as they align with the overall upward trend.

Gold (XAUUSD) Commodity H4 Chart Analysis

The H4 chart reveals that Gold finished wave iv of (iii) and has now resumed its movement upward within wave v of (iii) of ((iii)). Based on Elliott wave projections:

• Wave (iii) has the potential to extend to 2767 before a corrective pullback begins within wave (iv) of ((iii)).

• Traders should stay focused on the buy side, using pullbacks as entry points for long positions in anticipation of the next rally.

Technical Analyst: Sanmi Adeagbo

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