Gold (XAUUSD): Elliott Wave Analysis Predicts the Decline from Extreme Zone

In this technical article we’re going to take a quick look at the Elliott Wave charts of GOLD commodity ( XAUUSD )  , published in members area of the website. As our members are aware, XAUUSD recently completed a 3-wave recovery against the 2726.1 peak. The commodity found sellers right at the equal legs zone. Let’s dive deeper into our Elliott Wave forecast in this article.

GOLD H1 Update 01.03.2025

According to the current analysis, GOLD seems to be in a red wave X recovery , correcting the cycle from the 2727.08 peak. The price has already reached the key zone at 2653.03 -2688.48. In this area, we expect sellers to take over. That could lead to further decline toward new lows or at least a 3-wave pullback.  That’s why we don’t recommend buying this commodity right now.

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GOLD H1 Update 01.07.2025

GOLD found sellers at the Equal Legs Zone as expected. The commodity showed a significant reaction from the seller’s zone, and we consider the red wave X recovery to have ended at the 2665.42 high. As long as the price stays below this level, further weakness in red wave Y is possible. A break below the red wave W low at 2583.8 is needed to confirm this scenario. Keep in mind, the overall view is bullish, and we do not recommend selling the commodity (as mentioned on the chart).

We should monitor the 2665.42 high closely. The price should remain below this level. If the price breaks above it, we will have five waves up from the December 18th low, which will activate an alternative scenario. We do not recommend selling against the main bullish trend. Instead, we will wait for red wave Y as a potential buying opportunity if the next extreme zone is reached.

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GOLD H1 Update New York 01.08.2025

Eventually, we got a break above the 2665.42 high, and the alternative view has taken place. We can now count five waves up from the 2581.9 low, which indicates we may have potentially started a new bullish cycle to the upside. It also suggests that the H4 correction might have been completed at the 2581.9 low.

At this moment, we would still avoid forcing trades. Instead, we prefer to wait for additional confirmation, such as bullish sequences forming in the commodity. Once confirmed, we will look for potential buying opportunities during intraday pullbacks.

Keep in mind that the market is dynamic, and the presented view may have changed in the meantime. You can check the most recent charts with target levels in the membership area of our site. For additional information on the best trading strategies for GOLD, visit our Live Trading Room and stay updated with the latest insights in our 24H Chat Room.