EWT: DAILY TF
Gold hit a peak of $5419 in early March and has been falling since then. Right now, XAUUSD is trying to move up slightly, but it looks more like a temporary bounce than a real recovery. Gold is forming a flat formation.
Waves 1 through 4 have already played out, and the market now appears to be setting up for the final move: Wave 5 to the downside. After Wave 5 is complete, XAUUSD is likely to start moving upward.
A breakout of the channel with strong volume could bring buyers into the market. Until then, price is likely to move lower toward the Wave (A) level.
Global Sentiment:
The overall market mood is cautious. A strong US dollar, rising interest rates, and higher oil prices are putting pressure on gold. News like war or tensions can push gold up for a short time, but for now, the upside looks limited unless something big changes in the market.
By BrightRally_Research
Gold hit a peak of $5419 in early March and has been falling since then. Right now, XAUUSD is trying to move up slightly, but it looks more like a temporary bounce than a real recovery. Gold is forming a flat formation.
Waves 1 through 4 have already played out, and the market now appears to be setting up for the final move: Wave 5 to the downside. After Wave 5 is complete, XAUUSD is likely to start moving upward.
- Immediate Resistance: 4800
- Immediate Support: 4500
A breakout of the channel with strong volume could bring buyers into the market. Until then, price is likely to move lower toward the Wave (A) level.
Global Sentiment:
The overall market mood is cautious. A strong US dollar, rising interest rates, and higher oil prices are putting pressure on gold. News like war or tensions can push gold up for a short time, but for now, the upside looks limited unless something big changes in the market.
By BrightRally_Research
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