Gold Holds Above the Broadening Wedge: Is the Correction Ending?
$XAU has declined over the past 4–5 days, but the move has developed with high volatility and relatively weak bearish momentum.
More importantly, price remains above the trendlines of the Descending Broadening Wedge, keeping the broader bullish scenario active.
Gold is now trading near the Heavy Support Zone, where the current correction could be approaching completion.
From an Elliott Wave perspective, gold appears to have formed a Double Three Correction (W-X-Y) over the past five days. If this structure is complete, the next impulsive bullish move could begin from the current area.
I expect gold to potentially move toward $4,344 first.
A confirmed breakout above the key $4,350 trading level could open the way toward $4,377.
If bullish momentum strengthens, gold could then extend toward $4,421, with $4,400 remaining one of the most important levels to reclaim.
Trade Setup
First TP: $4,344
Second TP: $4,377
Third TP: $4,421
Stop Loss: $4,284
Key Levels: $4,350 | $4,400
Which level will gold reach first?
🟢 $4,421
🔴 $4,284
#GOLD
$XAU has declined over the past 4–5 days, but the move has developed with high volatility and relatively weak bearish momentum.
More importantly, price remains above the trendlines of the Descending Broadening Wedge, keeping the broader bullish scenario active.
Gold is now trading near the Heavy Support Zone, where the current correction could be approaching completion.
From an Elliott Wave perspective, gold appears to have formed a Double Three Correction (W-X-Y) over the past five days. If this structure is complete, the next impulsive bullish move could begin from the current area.
I expect gold to potentially move toward $4,344 first.
A confirmed breakout above the key $4,350 trading level could open the way toward $4,377.
If bullish momentum strengthens, gold could then extend toward $4,421, with $4,400 remaining one of the most important levels to reclaim.
Trade Setup
First TP: $4,344
Second TP: $4,377
Third TP: $4,421
Stop Loss: $4,284
Key Levels: $4,350 | $4,400
Which level will gold reach first?
🟢 $4,421
🔴 $4,284
#GOLD
