Gold Elliott Wave Analysis

Function: Counter-Trend

Mode: Corrective

Structure: Likely Double Zigzag

Position: Wave 4

Direction: Wave 4 is still in play

Details: Gold count adjusted to fit the sideways structure emerging for wave 4. The structure still supports further rallies.

Gold has remained in a sideways range since the decline on April 12th, 2024. Despite this consolidation, the metal is poised for more gains and potentially a fresh all-time high. Gold is in a long-term bullish trend, with no significant bearish correction expected until the impulse cycle from September 2023 completes.

Daily Chart Analysis

Gold prices have been largely bullish, with a cycle degree impulse wave III emerging from 1810.5 in September 2023. Currently, the price is in a minor degree wave 4, which initially appeared to be a zigzag structure. However, the sustained sideways price action suggests this is a triangle structure for wave 4. Before the eventual breakout to the upside, Gold might make one more leg lower within the range. The goal now is wave 5.

Gold-XAUUSD-Commodit...


H4 Chart Analysis

The H4 chart shows the sub-waves of the emerging triangle structure, which is currently on the fourth leg - wave d (circled). Wave e (circled) should follow, but it should stay above 2286 to avoid invalidating the triangle structure. Thus, the invalidation level for this setup is 2286. Provided the price remains above that level, the potential for more upside is far greater. Wave 5 should reach at least the 2500 key psychological level.

Summary

  • Gold has been in a sideways range since the decline on April 12th, 2024, but is expected to make further gains and potentially reach a new all-time high.
  • The long-term trend is bullish, with no significant bearish correction expected until the impulse cycle from September 2023 ends.
  • On the daily chart, Gold is in a cycle degree impulse wave III from 1810.5, with the current minor degree wave 4 forming a triangle structure.
  • On the H4 chart, wave d (circled) of the triangle is in progress, with wave e (circled) expected next.
  • The triangle structure remains valid as long as the price stays above 2286. If this level holds, the potential for more upside increases, with wave 5 likely to reach at least the 2500 level.

Technical Analyst: Sanmi Adeagbo

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

See Previous: Wheat Elliott Wave Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 170 Markets Covered. Chat Room With Support

Gold-XAUUSD-4Hr-comm...

Related

Suggesting Further Declines for the U.S. Dollar against the Canadian Dollar: USDCAD Elliott Wave Technical Analysis

Suggesting Further Declines for the U.S. Dollar against the Canadian Dollar: USDCAD Elliott Wave Technical Analysis

The USDCAD Elliott Wave analysis reveals a bearish trend, driven by impulsive Wave 3, suggesting fur...

Read More >
Diminishing Trading Volume Hints at Market Top Ahead of Tech Giants' Earnings

Diminishing Trading Volume Hints at Market Top Ahead of Tech Giants' Earnings

Over the past two months, trading volumes for the S&P 500 (SPX) and the NASDAQ 100 (NDX) have been d...

Read More >
Providing Essential Insights: NASDAQ Global Indices Elliott Wave Technical Analysis daily and weekly charts

Providing Essential Insights: NASDAQ Global Indices Elliott Wave Technical Analysis daily and weekly charts

This article provides a comprehensive Elliott Wave Analysis of the NASDAQ Composite and Nasdaq 100, ...

Read More >
Elliott Wave Analysis Forecast: Bitcoin, Gold, Silver, and Crude Oil Trends

Elliott Wave Analysis Forecast: Bitcoin, Gold, Silver, and Crude Oil Trends

This analysis provides a comprehensive overview of the current trends in the commodity market throug...

Read More >
Master the Market: Elliott Wave Analysis for SP500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200

Master the Market: Elliott Wave Analysis for SP500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200

Stock Market Indices Overview: S&P 500, SPY, NASDAQ 100, QQQ, RUSSELL 2000, DAX 40, FTSE 100, ASX 20...

Read More >
Swiss Market Index (SMI) Elliott Wave Analysis – Bullish Trend, Forecast, Technical Chart, Price Prediction, and Stock Market Outlook

Swiss Market Index (SMI) Elliott Wave Analysis – Bullish Trend, Forecast, Technical Chart, Price Prediction, and Stock Market Outlook

The Swiss Market Index (SMI) continues its bullish Elliott Wave trend, with impulsive wave formation...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

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

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

Gain a competive edge with expert insights in to:

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

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • 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