Gold has been in a corrective phase since April 2025. The broader complex correction or triangle formation now appears to be complete, and a high-probability bullish signal is emerging.
On the 1-hour chart, a clear 5-wave impulsive pattern has unfolded. I expect one more pullback to complete a 3-wave corrective move for Wave 2, ideally retracing toward the prior Wave 4 zone.
If this scenario plays out, it would provide a high-conviction entry ahead of a potential Wave 3 extension.
However, if price continues its current momentum and closes above $3,390 (the end of Wave 1), I’ll consider that Wave 2 may already be complete, in which case I would look to enter on confirmation of breakout strength (strong RSI reading).
On the 1-hour chart, a clear 5-wave impulsive pattern has unfolded. I expect one more pullback to complete a 3-wave corrective move for Wave 2, ideally retracing toward the prior Wave 4 zone.
If this scenario plays out, it would provide a high-conviction entry ahead of a potential Wave 3 extension.
However, if price continues its current momentum and closes above $3,390 (the end of Wave 1), I’ll consider that Wave 2 may already be complete, in which case I would look to enter on confirmation of breakout strength (strong RSI reading).
Catatan
7th August update - Looks like wave 2 could either be an expanded or running flat; essentially the close above $3,390 is a fake breakout. Now expecting price to come back down to $3,375 and $3,340 range (this is 0.6 - 1.618 fib of the 1st wave down of the correction / pullback) to complete wave 2 and prep for the 3rd wave entry.Order dibatalkan
The price action following the post does not align with the typical behaviour of a Wave 2. It’s possible we’re still in a complex Wave 4, with a fifth wave yet to complete.I’ll stand aside for now and reassess once the structure becomes clearer.
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.