Gold Rally Nears Exhaustion? Key Levels for the Next Big Move

Gold has seen a powerful impulsive rally recently, but technical signs suggest a healthy correction could be near. Traders should keep a close eye on key levels for potential buying opportunities after a pullback.

Key Technical Points

Wave 5 Completion: The current bullish impulsive wave 5 appears to be nearing completion.
Key Fibonacci Level: The 0.618 Fibonacci retracement sits at $2,857 — a critical level for a potential corrective move.
Support to Watch: Loss of the $3,210 daily support would confirm the start of a corrective ABC pattern.

If gold maintains its daily support at $3,210, momentum could continue higher before any deeper pullback. However, if this support level is lost, traders should expect a correction down towards the 0.618 Fibonacci at $2,857, where swing long setups could become highly favorable. A healthy reset here would set a stronger foundation for the next bullish leg.