Gold Rebounds Strongly — Can Bulls Break $4,220 Before the Weekly Close?
$XAU has started to rise from the $4,067–$4,122 Support Zone, building strong bullish momentum over the past few days.
Price is now approaching the $4,219–$4,246 Resistance Zone and the upper trendline of the Descending Channel.
With today being the final trading day of the week, this setup focuses on the 15-minute timeframe.
From an Elliott Wave perspective, gold appears to be developing a Double Three Correction (W-X-Y), with Wave Y approaching completion.
I expect gold to potentially continue higher from the Potential Reversal Zone (PRZ) at $4,144–$4,168 toward the Resistance Zone and the upper boundary of the Descending Channel.
Trade Setup
First TP: $4,205
Second TP: $4,223
Stop Loss: $4,142
Key Level: $4,157
With the weekend approaching, open positions should be managed carefully. Middle East headlines and energy-market developments could still create gaps or sharp volatility when gold reopens next week.
Which level will gold reach first?
🟢 $4,223
🔴 $4,142
#GOLD
$XAU has started to rise from the $4,067–$4,122 Support Zone, building strong bullish momentum over the past few days.
Price is now approaching the $4,219–$4,246 Resistance Zone and the upper trendline of the Descending Channel.
With today being the final trading day of the week, this setup focuses on the 15-minute timeframe.
From an Elliott Wave perspective, gold appears to be developing a Double Three Correction (W-X-Y), with Wave Y approaching completion.
I expect gold to potentially continue higher from the Potential Reversal Zone (PRZ) at $4,144–$4,168 toward the Resistance Zone and the upper boundary of the Descending Channel.
Trade Setup
First TP: $4,205
Second TP: $4,223
Stop Loss: $4,142
Key Level: $4,157
With the weekend approaching, open positions should be managed carefully. Middle East headlines and energy-market developments could still create gaps or sharp volatility when gold reopens next week.
Which level will gold reach first?
🟢 $4,223
🔴 $4,142
#GOLD