Wave B Has Rebounded 15% Bottom Confirmed at 4,400?Wave B Has Rebounded 15% – Final Bottom or a Trap Before Wave C?
After a strong rally in yesterday’s Asian session, gold moved into consolidation during the European and US sessions, with a failed breakout late in the US session. In today’s Asian session, price broke above the 4,882–4,960 range, confirming it as a new buy-side base.
Gold has rebounded ~15% from the 4,404 area, driven by dip-buying demand and rising US–Iran geopolitical tensions, which remain a key catalyst alongside this week’s economic data.
From an Elliott Wave perspective, 4,400 marks the Wave A bottom. The market is now in a Wave B corrective rebound, with potential upside toward 5,140 – 5,200 – 5,220. Once Wave B completes, Wave C may follow, where signs of weakness and distribution will be watched to identify new swing-buy zones after the correction.
Support: 4,990–4,950 | 4,880–4,890 | 4,780–4,750 | 4,650–4,624
Resistance: 5,140 | 5,200 | 5,220
Note: Volatility remains elevated. Trade cautiously with strict risk and capital management.
