Gold Reclaims $4,157 — Is $4,200 Back in Play?
$XAU is currently trading near the Support Zone at $4,092–$4,138 and has successfully broken above the key $4,157 trading level.
At the same time, a Positive Regular Divergence (RD+) is visible between Consecutive Major Valleys on both the 1-hour and 4-hour timeframes, suggesting that bearish momentum may be weakening.
From an Elliott Wave perspective, gold appears to be completing Primary Wave 4, which could still develop with another bullish move.
As long as price holds above the current support structure, I expect gold to continue higher toward $4,196.
After a potential short-term correction, another bullish attempt could extend toward $4,217, followed by the Resistance Zone at $4,220–$4,246 and potentially the upper trendline of the Descending Channel.
Trade Setup
First TP: $4,196
Second TP: $4,217
Stop Loss: $4,111
Key Level: $4,157
Which level will gold reach first?
🟢 $4,217
🔴 $4,111
#GOLD
$XAU is currently trading near the Support Zone at $4,092–$4,138 and has successfully broken above the key $4,157 trading level.
At the same time, a Positive Regular Divergence (RD+) is visible between Consecutive Major Valleys on both the 1-hour and 4-hour timeframes, suggesting that bearish momentum may be weakening.
From an Elliott Wave perspective, gold appears to be completing Primary Wave 4, which could still develop with another bullish move.
As long as price holds above the current support structure, I expect gold to continue higher toward $4,196.
After a potential short-term correction, another bullish attempt could extend toward $4,217, followed by the Resistance Zone at $4,220–$4,246 and potentially the upper trendline of the Descending Channel.
Trade Setup
First TP: $4,196
Second TP: $4,217
Stop Loss: $4,111
Key Level: $4,157
Which level will gold reach first?
🟢 $4,217
🔴 $4,111
#GOLD
