Gold Rebounds From the PRZ — Can It Reclaim $4,400 Next?
$XAU continued to decline yesterday as tensions in the Middle East escalated again, although geopolitical developments appear to be having a weaker impact on price than in previous months.
Price has now started to recover from the Potential Reversal Zone (PRZ) at $4,283–$4,313.
From an Elliott Wave perspective, gold appears to have completed its Primary Wave 5 to the downside, suggesting that a new bullish sequence could begin over the coming hours.
A Positive Regular Divergence (RD+) between two consecutive valleys also indicates that bearish momentum may be weakening.
As long as the PRZ holds, I expect gold to continue higher toward
$4,381.
If bullish momentum strengthens and price reclaims the key $4,390 level, the recovery could extend toward $4,417.
Trade Setup
First TP: $4,381
Second TP: $4,417
Stop Loss: $4,277
Key Levels: $4,370 | $4,390
Can gold hold the PRZ and push back above $4,400, or will sellers take control again?
#GOLD
$XAU continued to decline yesterday as tensions in the Middle East escalated again, although geopolitical developments appear to be having a weaker impact on price than in previous months.
Price has now started to recover from the Potential Reversal Zone (PRZ) at $4,283–$4,313.
From an Elliott Wave perspective, gold appears to have completed its Primary Wave 5 to the downside, suggesting that a new bullish sequence could begin over the coming hours.
A Positive Regular Divergence (RD+) between two consecutive valleys also indicates that bearish momentum may be weakening.
As long as the PRZ holds, I expect gold to continue higher toward
$4,381.
If bullish momentum strengthens and price reclaims the key $4,390 level, the recovery could extend toward $4,417.
Trade Setup
First TP: $4,381
Second TP: $4,417
Stop Loss: $4,277
Key Levels: $4,370 | $4,390
Can gold hold the PRZ and push back above $4,400, or will sellers take control again?
#GOLD
