Hello, fellow traders. In this technical article, we’ll take a quick look at the Elliott Wave charts of Gold (XAUUSD), recently published in the members’ area of our website.

Recently, XAUUSD formed a 3-wave pullback after a rally, a textbook example of an Elliott Wave bullish sequence. Price completed a clear 3-wave move down from the peak and found support at the Equal Legs zone (buying area).In the following analysis, we explain the Elliott Wave pattern and the market outlook.

XAUUSD Elliott Wave 1  Hour  Chart 08.13.2026

XAUUSD is forming a three-wave pullback from the recent highs. At the moment, the structure of the pullback looks incomplete, suggesting that more downside could be seen before the correction is completed. As our members know, the buying zone is identified by measuring the Equal Legs area using the Fibonacci extension tool. The ideal support area comes in at 4315.86–4261.32. From this zone, we expect buyers to step in and take control, pushing the price higher in at least a three-wave bounce, with the potential to extend toward new highs.

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XAUUSD Elliott Wave 1  Hour  Chart 08.14.2026

GOLD made decline as expected. The commodity found buyers right at the Equal Legs zone,  producing a solid reaction from that area. As a result, long positions taken from the Equal Legs zone are now risk-free. We expect XAUUSD to continue trading higher, with a break above the 3 red peak  (4450) needed to confirm that the next leg up is in progress.

Important note: Our analysis is not based on Elliott Wave in isolation. We perform detailed higher-time-frame cycle analysis, which shows an incomplete market structure. This is one of the key drivers of price action, along with correlation analysis and broader market context.

We also teach our members in live analysis sessions how to identify incomplete bullish and bearish sequences.  Even a  14-day trial,  is enough to noticeably improve your trading analysis and forecasting approach.

 

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