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Elliott Wave Analysis – XAUUSD | 1H TimeframeAs previously mentioned, the main bullish move in gold appears to have come to an end, and we are now in a corrective phase. The current wave structure clearly suggests a high probability of a zigzag correction—a three-wave pattern that often follows a strong trend.This correction could potentially push prices lower before gold regains bullish momentum. During this phase, traders should proceed with caution, as corrective moves can often be deceptive and volatile.#XAUUSD #GoldAnalysis #ElliottWave #ZigZagCorrection #TechnicalAnalysis

I entered a buy trade at the 3002.043 support level, where the price showed a positive reaction and started an upward trend. Currently, the price is approaching a key resistance level, which, if broken, could pave the way for further growth.Market Analysis:✅ Strong Support: The price was supported at 3002.043, and buyers stepped in.✅ Key Resistance: The 3030 - 3035 zone is now a crucial level in the bullish path.✅ Price Target: If the resistance is broken and the price stabilizes, I expect it to rise to 3056.629.✅ Risk Management: If the price fails to break the resistance and reverses, a potential retracement could occur, so I have set my stop-loss accordingly.Now, waiting for a breakout and a continuation of the bullish trend.

📊 Gold: A Short Correction Before the Next Rally? 🚀✨It looks likely that gold will continue its upward trend after a short-term correction, especially given the current geopolitical and economic conditions.📉 Reasons for a Possible Correction:🔹 Profit-taking after recent gains🔹 Short-term traders exiting positions🔹 Market volatility due to central bank policies📈 Why Gold Could Rise After the Dip:🔹 Increased global demand for safe-haven assets🔹 Concerns over recession and high inflation🔹 Geopolitical tensions and market risks🔥 Trading Strategy: If key support levels hold, buying after the correction could be a strong opportunity. What’s your outlook? 📊👇#XAUUSD #Gold #TradingView #Investing #MarketAnalysis

Technical Analysis of Gold (XAU/USD) on the 4-Hour Timeframe:Based on the chart, gold has followed an Elliott Wave upward trend and is now showing signs of correction after completing the fifth wave. This correction could retrace to key support levels, with the most significant one being around $2,955. This level coincides with the previous fourth wave and may act as a strong support zone.Technical Indicators:✅ MACD: Shows a bearish signal as the MACD line is crossing below the signal line, indicating weakening bullish momentum.✅ Stochastic: Is in the oversold region, suggesting a potential rebound if the price reacts positively to support.Possible Scenarios:📉 Bearish Scenario: If the price breaks below the $2,955 support level, a deeper correction could take it down to around $2,925 or even $2,900.📈 Bullish Scenario: If the price finds support and bounces back, a new upward wave could emerge, potentially pushing it back toward $3,050 or higher.Overall, the market is in a corrective phase, and traders should closely monitor price action at key support levels to determine the next potential move.

The price of gold in the XAU/USD chart has been in an uptrend, forming waves 1, 2, 3, 4, and 5. Currently, we are within the larger wave 5, where three main sub-waves have already formed, and we are now waiting for the formation of the corrective wave 4 within wave 5.Based on price action and classical patterns, corrective wave 4 may take one of the following forms:A shallow and quick correction (Zigzag or short Flat) if the bullish trend remains strong.A deeper correction (Extended Flat or Triangle) if the market requires a longer consolidation phase.Key Fibonacci retracement levels, such as 38.2% and 50% of wave 3, could act as potential support zones.Once wave 4 is completed, we expect wave 5 to continue the uptrend, potentially leading to a new high in gold prices. This scenario can be confirmed by analyzing trading volume and technical indicators such as RSI and MACD.