Elliott Wave Analysis of Gold Spot XAU USD Forecasting the Next Move
Elliott Wave Analysis: Wave 1: The initial upward movement from the low point around July 29. Wave 2: A corrective wave downwards following Wave 1, completing around July 30. Wave 3: A strong upward impulse wave that exceeds the peak of Wave 1, indicating a bullish trend continuation. Wave 4: A corrective wave downward that doesn't overlap with Wave 1, maintaining the integrity of the impulse wave structure. Wave 5: The final upward impulse wave completing the 5-wave sequence, peaking around the current date. Corrective Waves: Wave a: The initial move downwards from the peak around July 22, marking the start of a corrective phase. Wave b: An upward corrective wave following Wave a, failing to reach the previous high. Wave 1/A: Another impulse wave upwards after the completion of Wave b, indicating a new potential upward trend or part of a larger corrective pattern. Wave 2/b: The projected downward move that follows Wave 1/A, suggesting a corrective phase in the broader context. Projected Movements: Wave 2/b: The chart indicates a potential downward correction following the completion of Wave 5. This could be a part of a larger corrective phase, suggesting a possible decline in the price of gold towards the level of 2,405.01. Key Levels: Support Level: The blue horizontal line around 2,405.01 serves as a significant support level, marking a potential target for the corrective Wave 2/b. Resistance Level: The recent peak near 2,480.68 is a critical resistance level that Wave 5 approached but did not significantly exceed. Observations: The chart appears to follow a standard Elliott Wave pattern with a complete 5-wave impulse sequence followed by a corrective phase. The projected corrective wave (2/b) suggests a possible decline in the gold price, aligning with the Elliott Wave theory of alternating impulse and corrective waves. #ForexTrading #CFDTrading #ElliottWave #GoldTrading #XAUUSD #TechnicalAnalysis #ForexAnalysis #TradingStrategies #MarketForecast #TradingTips #DayTrading #ForexTrader #FinancialMarkets #GoldSpot #Investment #PriceAction #ChartAnalysis #ForexEducation #ForexSignals #TradingGold
