Derick-VT

Gold is currently riding a strong wave structure, aligning with a clear 5-wave impulsive move upward. We’re nearing the completion of Wave 5, with resistance projected around the 0.786 $2764 and 0.886 $2761 Fibonacci retracement levels.From there, I anticipate a corrective ABC pattern to unfold.Wave A could target the $2,664–$2,634 range 50%-38.2% retracement of the impulsive move.Wave B may act as a minor pullback to the upside, followed by Wave C, which could extend to deeper levels around $2614–2579, 61.8%-78.6% retracement zones.This corrective structure could set up the next leg higher, with bullish momentum resuming. Keep an eye on $2,614 as a potential accumulation zone, leading into a rally toward new highs.

XAUUSD Long-Term ForecastGold (XAUUSD) is testing the upper boundary of a strong ascending channel, reflecting its long-term bullish momentum. Based on Fibonacci extensions, I see a potential pullback toward key levels like $2,315 or $2,100, where strong support from the volume profile lies.However, I expect the price to eventually break out of this channel due to ongoing geopolitical tensions, particularly the Russia-Ukraine situation, which is driving major investors toward safe-haven assets like Gold -& Bitcoin.Momentum is showing signs of slowing down, but this correction could serve as a springboard for the next big move. My eyes are on $2,800 as the next resistance to clear, with a $3,000 target in sight once the breakout materializes.