The uptrend remains strong & gold is expected to reach New ATH

The Elliott Wave analysis for the gold market on the 4-hour timeframe presents a clear and actionable scenario. By analyzing the current wave structure, we have identified a 1-2, 1-2 setup, which is a strong indicator of an impulsive move. Following this setup, Wave 3 has been completed, marking a significant phase in the trend progression.

Now, the market is within Wave 4, a corrective phase that typically retraces a portion of the preceding Wave 3. In Elliott Wave theory, the most common retracement targets for Wave 4 are the 0.236, 0.382, and 0.5 Fibonacci levels, relative to Wave 3. At this stage, the price has already reached the 0.382 retracement level, which is a key area for potential reversal.

To ensure the validity of this analysis, the invalidation level is set at the 2660 price level. If the price breaks below this level, the wave count would need to be reassessed. However, as long as the invalidation level holds, we anticipate the market to resume its upward trajectory and move into Wave 5, completing the Elliott Wave cycle.

Given this context, traders may consider placing a buy order at the current level, targeting the completion of Wave 5. Based on projections, the price is expected to reach the 2810–2860 range, offering a potential profit of over 1,000 pips. This setup presents a high-probability opportunity, supported by both the technical structure and key Fibonacci levels.

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