Mobarok Hossain
April 25, 2024
Gold (XAU/USD) has delivered a strong bullish expansion, completing a full 5-wave impulse sequence (i)-(ii)-(iii)-(iv)-(v) into a major overhead supply zone near 4,400. Market participants should now monitor for a corrective pullback to offer a high-probability re-entry setup.
Technical Breakdown
Impulse Completion: The 5-wave Elliott structure pushed price directly into the 4,396–4,404 Order Block, where upside momentum is temporarily stalling.
Break of Structure (BOS): Recent price action established a firm BOS around the 4,370–4,380 level, which now acts as immediate flipped support.
Secondary Demand: Should a deeper retracement occur, the 4,337–4,346 block serves as strong structural backing.
Trading Scenario & Targets
Primary Setup: Retracement into 4,370–4,380 support followed by a bullish confirmation trigger.
Upside Target: 4,442.11 (Projected Wave Expansion Target).
Invalidation: A sustained 1H close below 4,337 breaks the immediate bullish market structure.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice.
