Gold Eyes a Major Breakout: Is $4,500 the Next Target?

$XAU is currently attempting to break above the Resistance Zone, the 100 SMA on the daily chart, and the 21 SMA on the weekly chart. Price is also challenging the key level of $4,390, making this area critical for the next major move.

From an Elliott Wave perspective, gold appears to have completed main wave 4 through an Expanded Flat Correction (ABC/3-3-5), suggesting that the next Impulsive Wave may now be starting.

I expect gold to continue its bullish trend next week and rise at least toward $4,441. If the Resistance Zone is successfully broken, the move could extend toward $4,476, the Potential Reversal Zone ($4,536-$4,486), and the upper trendline of the Descending Channel.

🎯 First Target: $4,441

🎯 Second Target: $4,476

🛑 Stop Loss: $4,324

Key level to watch: $4,390

Do you think gold can reach $4,500 next week?

🟢 Yes

🔴 No

#GOLD