XAU/USD Elliott Wave Analysis – Can Gold Reach New Highs?

🚀 XAU/USD Elliott Wave Analysis – Can Gold Reach New Highs?
📊 Market Context:
Gold is currently in the fifth wave of the third wave within a larger degree structure. The price has successfully reached its first target, which aligns with Elliott Wave guidelines—approximately equal to Wave 1. This signals a potential corrective phase ahead.

📉 What’s Next? Correction or Continuation?
As gold approaches a critical level, we should expect a correction before the next price action unfolds. This corrective phase could take different forms:
✅ A shallow and brief pullback
✅ A sharp and deeper retracement

Once this correction completes, the market's structure will provide signals for the next major move.

📈 Will Gold Continue to New Highs?
My answer is yes—gold has the potential to break previous highs. The key lies in observing the corrective structure. If the price action confirms a five-wave rally, we can confidently identify the ongoing movement as the third wave of a larger degree.

Additionally, if the fourth wave of the larger degree forms a triangle pattern, we may witness the longest and strongest wave in this rally.

🔎 Key Takeaways:

The first price target has been reached.
A correction is likely before the next major move.
Watch for price action signals after the pullback.
The structure suggests a continued bullish outlook.
📢 What’s Your View?
Do you agree with this Elliott Wave count? Let me know in the comments!

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