Gold Outlook – Buying as the Main ThemeGold Outlook – Buying as the Main Theme
Gold continues to move in line with previous analyses. Earlier today in the Asian session, the market saw a quick dip due to liquidity being cleared during the daily one-hour break. However, price quickly recovered, broke through the 3339 resistance, and confirmed that buying momentum has returned, strengthening the short-term bullish trend.
Expectations for a new Elliott wave cycle are gradually taking shape. At this point, wave 3 is considered to have begun — typically the strongest phase with greater momentum and wider price swings. This supports the scenario of a medium-term bullish outlook.
Price remains above the key EMA levels, confirming that the long-term trend is intact. The breakout above 3339 reinforces buyer strength and opens the way towards Fibonacci extension targets at 2.618 and 3.618. MACD also maintains positive momentum, while Elliott structure suggests that wave 3 still has room to extend further.
As long as gold holds above the 3336–3338 zone, this remains a reasonable area to consider buying. A minor pullback around this level would offer an even better opportunity to join the trend, with a stop-loss of about 6 dollars to manage risk effectively.
When price approaches Fibonacci extension targets, traders may consider partial profit-taking or look for short-term selling opportunities. This approach will be suitable given how far wave 3 has already extended.
It is important to monitor price reactions around the extension zones. Higher timeframes such as H1–H4 should be prioritised to capture the broader structure and avoid market noise.
A strong trend never moves in a straight line; it always comes with pauses and retracements. Staying patient and riding with the main trend is often the best way to maximise profits in the medium term.
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