Gold Tests a Major Reversal Zone — Breakout or Another Rejection?
$XAUT is trading at a critical technical confluence, testing the Resistance Zone, the Potential Reversal Zone (PRZ), and the upper boundary of the Descending Channel.
With multiple resistance factors aligning in the same area, this could become a decisive turning point for Gold.
Can Gold finally break above the Descending Channel, or is another bearish move approaching?
Technical Analysis
From an Elliott Wave perspective, Gold appears to be completing Wave B, with the correction developing as a Double Three (W-X-Y).
This suggests the current recovery may be a counter-trend move rather than the beginning of a sustained bullish trend.
💡 Educational Note:
Wave B is often one of the most deceptive phases in Elliott Wave Theory. It can temporarily convince traders that a new uptrend has started before the broader correction resumes.
Trade Setup
As long as Gold remains below the current resistance cluster, I expect sellers to regain control.
🎯 Target 1: $4,056
🎯 Target 2: $4,043
🛑 Stop Loss: $4,118
📍Key Trading Levels
Resistance: $4,067 Pivot: $4,050 Support: $4,030
⚠️ Macro Watch: One of the key drivers behind Gold's recent recovery has been optimism surrounding a potential U.S.–Iran agreement and easing geopolitical tensions in the Middle East. Any new developments on this front could quickly influence price action.
Do you think Gold can break above the Descending Channel?
🟢 Yes
🔴 No
#GOLD
$XAUT is trading at a critical technical confluence, testing the Resistance Zone, the Potential Reversal Zone (PRZ), and the upper boundary of the Descending Channel.
With multiple resistance factors aligning in the same area, this could become a decisive turning point for Gold.
Can Gold finally break above the Descending Channel, or is another bearish move approaching?
Technical Analysis
From an Elliott Wave perspective, Gold appears to be completing Wave B, with the correction developing as a Double Three (W-X-Y).
This suggests the current recovery may be a counter-trend move rather than the beginning of a sustained bullish trend.
💡 Educational Note:
Wave B is often one of the most deceptive phases in Elliott Wave Theory. It can temporarily convince traders that a new uptrend has started before the broader correction resumes.
Trade Setup
As long as Gold remains below the current resistance cluster, I expect sellers to regain control.
🎯 Target 1: $4,056
🎯 Target 2: $4,043
🛑 Stop Loss: $4,118
📍Key Trading Levels
Resistance: $4,067 Pivot: $4,050 Support: $4,030
⚠️ Macro Watch: One of the key drivers behind Gold's recent recovery has been optimism surrounding a potential U.S.–Iran agreement and easing geopolitical tensions in the Middle East. Any new developments on this front could quickly influence price action.
Do you think Gold can break above the Descending Channel?
🟢 Yes
🔴 No
#GOLD