Gold Scenario – Tracking the Medium-Term Uptrend

Gold Scenario – Tracking the Medium-Term Uptrend

Hello traders,

Gold continues to follow the expected scenario. Price reacted at the Fibonacci 1.618 resistance, effectively completing the liquidity test. At present, the 3368 zone is a good area to look for buying opportunities.

The previous Elliott cycle has already completed its ABC waves, and gold now appears to be forming a new Elliott structure. Currently, price is likely in wave 3 of the uptrend, reacting at the H4 descending trendline with a mild pullback, before completing wave 5 with a breakout move from the channel and confirming the flag pattern on H4.

Strategy: Buy around 3368 with a strict stop-loss just below the previous swing low.

Target: 3410 is a reasonable profit level. After that, expect wave 4 to form and look for short opportunities from there.

The MACD remains supportive, trading above its average levels and confirming bullish momentum. At this stage, it’s all about timing entries correctly.

This is my personal outlook on gold in the short to medium term. Use it as reference and don’t forget to share your views in the comments so we can learn from each other.