Gold Elliott Wave Technical Analysis – Bullish Trend Continues with New Highs

Gold has surged to a new all-time high, confirming the end of the previous pullback and signaling the continuation of its long-term bullish trend. In both short and medium terms, pullbacks remain buying opportunities. The ongoing bullish cycle, which started in September 2022, appears to be in its final phase based on Elliott Wave analysis. However, this last leg could still extend toward $2,900 or even higher before completion.

Gold (XAUUSD) Commodity Daily Chart Analysis

Daily Chart - Wave (5) Progressing Toward $2,900

The daily chart reflects the bullish cycle that began at $1,810 in September 2022. At that low, Wave II ended, and Wave III commenced. This cycle has unfolded with a 5-wave impulse structure, as expected in a third wave.

Currently, price action indicates that waves ((1))–((4)) of III are completed, and wave ((5)) is now in progress from the November 2024 low. The recent break above wave ((3)) high confirms that wave (3) of ((5)) is underway. Given the strong bullish momentum, wave (3) could extend toward $2,900, creating further buying opportunities on pullbacks, especially on lower timeframes like the hourly chart.

Gold (XAUUSD) Commodity H4 Chart Analysis

Gold H4 Chart – Extended Third Wave in Development

On the H4 timeframe, wave (3) is still unfolding, and the wave count may shift as we see the development of a 1-2-1-2 series—an early indication of a possible extended third wave.

For now, the rally from $2,689 marks the beginning of either ((iii)) of 1 of (3) or possibly 3 of (3). Regardless of the precise count, the broader trend remains bullish, and the upside is likely to continue. Buyers should look for opportunities on dips as wave (3) progresses further.

Technical Analyst: Sanmi Adeagbo

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