Elliott Wave Insight: Anticipating a Bullish Reversal in XAU/USD
Gold Spot (XAU/USD) Analysis - 1 Hour Chart
In this 1-hour chart of Gold Spot (XAU/USD), we observe a potential Elliott Wave pattern unfolding.
The market is currently in a corrective phase with a W-X-Y formation.
After completing wave W at 2349.88, we are expecting a corrective wave X to complete soon, followed by a downward move for wave Y.
The anticipated support level around 2349.88 should be closely watched for potential reversal opportunities.
If the price action respects this support, we might see a significant upward move thereafter.
Key levels to watch:Support: 2349.88Resistance: 2400.00
In this 1-hour chart of Gold Spot (XAU/USD), we observe a potential Elliott Wave pattern unfolding.
The market is currently in a corrective phase with a W-X-Y formation.
After completing wave W at 2349.88, we are expecting a corrective wave X to complete soon, followed by a downward move for wave Y.
The anticipated support level around 2349.88 should be closely watched for potential reversal opportunities.
If the price action respects this support, we might see a significant upward move thereafter.
Key levels to watch:Support: 2349.88Resistance: 2400.00
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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.