Gold has been consolidating within a contracting triangle, forming a complex wave B structure as part of a larger ABC correction under Elliott Wave Theory. The triangle appears nearly complete with wave (D) in place and wave (E) expected to push slightly higher before a sharp breakdown resumes.
This wave count suggests we're about to enter wave C, targeting significantly lower levels as the triangle resolves to the downside.
📉 The broader outlook favors USD strength, which aligns with the bearish setup in gold. A strengthening U.S. dollar adds confluence to the expected drop in XAUUSD.
Watch for a clean rejection at the triangle resistance and confirmation of a breakdown to trigger further downside momentum.
This wave count suggests we're about to enter wave C, targeting significantly lower levels as the triangle resolves to the downside.
📉 The broader outlook favors USD strength, which aligns with the bearish setup in gold. A strengthening U.S. dollar adds confluence to the expected drop in XAUUSD.
Watch for a clean rejection at the triangle resistance and confirmation of a breakdown to trigger further downside momentum.
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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.
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.