Projected Gold Bottom Nov-Dec 2024: Key Levels & Support Zone

Using Elliott Wave and Fibonacci analysis, I anticipate that gold’s 0.5 retracement level at $2,540, or alternatively the 0.618 level at $2,485, will act as solid support. From these levels, we may see a rebound to the 0.382 or 0.236 retracement levels, potentially lifting prices to around $2,600 or $2,675 in the B wave, followed by a corrective C wave. I expect the 0.618 level to hold, making a dip below $2,485 unlikely. There’s a slight chance of a deeper drop to the 0.786 retracement at $2,400, though strong buying interest is likely at that point.