Mobarok Hossain
April 25, 2024
Spot Gold (XAU/USD) has completed its local corrective leg, establishing a firm support floor at 4,071.709. Price action is currently pushing out of a bullish Falling Wedge pattern, pointing toward a multi-stage Elliott Wave (b) corrective rally before the macro structure resumes.
Structural Support Floor: 4,071.709 — Primary invalidation level for the bullish wedge breakout.
Immediate Resistance Target (T1): 4,291.091 — First local structure pivot.
Secondary Resistance Target (T2): 4,398.282 — Intermediate supply zone.
Major Wave (b) Target: ~4,700.00 — Top-side liquidity pool and wave completion level.
Macro Wave (c) Outlook: Anticipated corrective extension lower following the test of Wave (b) resistance.
Wedge Breakout Execution: The hold above 4,071.70 validates the falling wedge pattern, indicating a loss of bearish momentum and a shift toward buyer control.
Upside Wave Targets: Price structure favors expansion through 4,291.09 toward 4,398.28, with ultimate upside objectives testing the 4,700.00 resistance area.
Macro Context: Traders should note that this upward move represents a corrective Wave (b), requiring tight risk management as the market prepares for a potential larger Wave (c) reversal from high-level supply.
Disclaimer: This analysis is provided strictly for educational purposes and does not constitute financial or investment advice.
