🥇 GOLD $PAXG $XAUT UPDATE: RELIEF RALLY TOWARD $4,400–$4,590? 👀
Gold wicked below the $4,100 support level but quickly bounced back, showing a strong recovery. Price is now trading around $4,170.
Why I’m Watching This Move:
Yesterday’s 30-year U.S. Treasury yield movement provided a bullish signal for gold and silver. If yields are approaching a peak, precious metals could get some much-needed relief.
What’s Next? After the sharp sell-off, gold could be setting up for a relief rally, potentially targeting the $4,400–$4,590 zone before the broader downtrend resumes.
🎯 My Gold Outlook:
* Current price: ~$4,170
* Relief rally target 1: $4,400
* Relief rally target 2: $4,590
* Broader outlook: Bearish, with a potential Wave 5 decline based on Elliott Wave Theory.
📈 My thesis is that gold could recover toward $4,400–$4,590 before sellers regain control and the next bearish wave unfolds. ⚠️ Important: This is a technical scenario, not a confirmed reversal. A sustained move above resistance could invalidate the bearish setup, while a rejection in the target zone would support the continuation thesis.
Relief rally first, then potentially another leg down? Let’s see how it plays out. 👀📉
#Gold #XAUUSD #Trading
Gold wicked below the $4,100 support level but quickly bounced back, showing a strong recovery. Price is now trading around $4,170.
Why I’m Watching This Move:
Yesterday’s 30-year U.S. Treasury yield movement provided a bullish signal for gold and silver. If yields are approaching a peak, precious metals could get some much-needed relief.
What’s Next? After the sharp sell-off, gold could be setting up for a relief rally, potentially targeting the $4,400–$4,590 zone before the broader downtrend resumes.
🎯 My Gold Outlook:
* Current price: ~$4,170
* Relief rally target 1: $4,400
* Relief rally target 2: $4,590
* Broader outlook: Bearish, with a potential Wave 5 decline based on Elliott Wave Theory.
📈 My thesis is that gold could recover toward $4,400–$4,590 before sellers regain control and the next bearish wave unfolds. ⚠️ Important: This is a technical scenario, not a confirmed reversal. A sustained move above resistance could invalidate the bearish setup, while a rejection in the target zone would support the continuation thesis.
Relief rally first, then potentially another leg down? Let’s see how it plays out. 👀📉
#Gold #XAUUSD #Trading