Hello fellow traders,
In this technical article, we are going to present Elliott Wave charts of GOLD (XAUUSD) . As our members know we are long in GOLD from previous equal legs area. As a result, members are enjoying profits in risk-free positions. Recently ,the commodity completed its intraday correction at the Equal Legs zone. In the following sections, we will explain the Elliott Wave count.
GOLD 4-Hour Elliott Wave Analysis 06.28.2025
Our current analysis shows GOLD has completed a 5-wave impulse from the 3119.79 low. Now, Wave 2 (red) is pulling back as a Double Three Pattern. The price has reached the extreme zone between 3284.25 and 3214.03 and buyers are likely to enter here. From this zone, we expect GOLD to move higher. It may form a new bullish impulse toward fresh highs or at least a 3-wave corrective bounce. We recommend avoiding short positions in this area.
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GOLD 4-Hour Elliott Wave Analysis 07.01.2025
GOLD completed 7 swings pattern right at the Blue Box area. The commodity found buyers as expected, making decent bounce. The rally has already reached 50 fibs against the ((x)) connector.Consequently, any long positions from the Equal Legs should now be risk-free.
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Source: https://elliottwave-forecast.com/commodities/gold-xauusd-elliott-wave-equal-legs/