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 3 lies around $2,590. As momentum builds, there is a strong possibility that this target could be reached quicker than initially anticipated. Given the breakout from the triangle pattern, price action is showing strength, with little resistance between current levels and the projected target zone. This makes an upward continuation more likely in the coming days.
Fundamental Catalysts
Next week, crucial economic data releases, including the PCE (Personal Consumption Expenditures) and GDP reports, could act as further catalysts. These events typically bring about increased volatility, and it wouldn’t be surprising if these releases accelerate Gold’s trajectory towards the $2,590 target.
Conclusion
Gold remains in a bullish structure, currently within Subwave 3 of Wave 5 of Wave 3, with a target of $2,590 in sight. With important economic data on the horizon, we expect continued momentum, potentially reaching this zone faster than previously expected.