XAU/USD (Gold) Technical Breakdown (1H)
Elliott Wave Analysis (1H Timeframe):
The bullish bias from the 1D and 4H charts remains intact on the 1H timeframe. Despite the corrective Wave (A)-(B)-(C) in progress, the market is likely still in an uptrend. Key support levels, like Wave (B) at 2,542,740, suggest higher lows forming, indicating potential for further bullish momentum after the correction completes.
Wyckoff Methodology (1H Timeframe):
The price remains above critical levels, such as the POC at 2,584,075, and is trading within the Discount zone, signaling reaccumulation. No significant bearish pressure is present, and the higher lows support a bullish continuation, aligning with institutional accumulation patterns.
Conclusion:
The 1H chart is in a corrective phase, but overall bullish momentum persists as long as price stays above 2,542,740 and the POC at 2,584,075. This correction likely represents a retracement before resuming the larger uptrend.
The bullish bias from the 1D and 4H charts remains intact on the 1H timeframe. Despite the corrective Wave (A)-(B)-(C) in progress, the market is likely still in an uptrend. Key support levels, like Wave (B) at 2,542,740, suggest higher lows forming, indicating potential for further bullish momentum after the correction completes.
Wyckoff Methodology (1H Timeframe):
The price remains above critical levels, such as the POC at 2,584,075, and is trading within the Discount zone, signaling reaccumulation. No significant bearish pressure is present, and the higher lows support a bullish continuation, aligning with institutional accumulation patterns.
Conclusion:
The 1H chart is in a corrective phase, but overall bullish momentum persists as long as price stays above 2,542,740 and the POC at 2,584,075. This correction likely represents a retracement before resuming the larger uptrend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.