Gold High-Time-Frame Analysis
Gold has been in a strong bull market since its bear market low on September 26, 2022. Currently, Gold is in Wave 3 of its broader Elliott Wave cycle, which represents the most powerful impulsive wave. However, as indicated in the chart, Wave 3 is nearing completion, and the market is preparing to transition into the corrective Wave 4.
Wave 3: Nearing Completion
Wave 3 typically brings strong price action, driven by momentum, which has been evident in Gold’s recent performance. As the chart shows, Gold has made significant gains, but the wave appears to be reaching its final stages. After such a substantial upward movement, the market is expected to enter a corrective phase (Wave 4) before continuing its overall bullish trend.
Upcoming Corrective Phase: Wave 4
Wave 4 is expected to be a correction of the gains made in Wave 3. During this phase, prices are likely to retrace, but they will remain within the broader bullish market structure. This correction will provide the market with a breather, allowing it to consolidate before the final impulsive move in Wave 5.
The chart illustrates the potential retracement levels for Wave 4, which could see Gold pull back to key support zones. The RSI indicators are also beginning to show signs of weakening momentum, suggesting that the market is preparing for this correction.
Long-Term Outlook: Wave 5 and Price Projections
After the completion of Wave 4, the final Wave 5 will likely take Gold to new highs. The price target for Wave 5 has been projected using the 0.618 Fibonacci extension from the length of Waves 1 to 3, with expectations that Gold could reach at least $2,700. However, traders should be cautious during this transition, as the market may experience volatility during the correction.
Conclusion
Gold is approaching the end of Wave 3, with a corrective Wave 4 on the horizon, as seen in the attached chart. This upcoming phase will likely see Gold consolidate and retrace part of its recent gains before resuming its bullish trend in Wave 5. While we expect further upward movement after the correction, caution is advised as the market shifts into this corrective phase.
-
Gold Elliott Wave Analysis: Approaching a Key Correction Phase!
Current Market Scenario: Gold has recently hit a significant milestone in its bullish journey, reaching the target zone for Wave 3 between $2,362 and $2,718, as outlined in the Elliott Wave structure. This marks the culmination of an extended rally, but key indicators are pointing towards an impending correction. The Elliott Wave Theory suggests that…
-
Gold Low-Time-Frame Analysis
According to our latest analysis, Gold remains firmly in Wave 5 of Greater Wave 3 after breaking out of the triangle pattern. Since this breakout, Gold has successfully completed Subwave 1 and 2, and we are now advancing through Subwave 3 of this larger wave structure. Subwave 3 Target Zone The current target for Subwave…
-
Zimbabwe Central Bank Nears Launch of Gold-Backed CBDC
In a significant move that could have far-reaching implications for the financial landscape of Zimbabwe, the country’s central bank is reportedly in the final stages of developing a gold-backed Central Bank Digital Currency (CBDC).