Elliott Wave analysis points to Gold support near 3,320 [Video]
|Gold (XAUUSD) appears poised for a double correction from its 16 June 2025 high. A double three consists of two corrective patterns, typically zigzags. From the June peak, wave (W) concluded at 3246.55, and wave (X) rallied to 3438.58, as shown on the 1-hour chart. Wave (Y) is now unfolding lower with internal subdivision as a zigzag. From wave (X), wave ((i)) ended at 3351.17, and wave ((ii)) peaked at 3377.45. Wave ((iii)) declined to 3324.80, followed by a wave ((iv)) rally to 3340.34. The final wave ((v)) completed at 3311.62, forming wave A in a higher degree. A corrective wave B rally reached 3345.35 before gold resumed its downward move.
Gold (XAU/USD) – 60-minute Elliott Wave technical chart
Within wave C, wave ((i)) finished at 3301.47, and wave ((ii)) rallied to 3334.08. Wave ((iii)) dropped to 3267.94, with wave ((iv)) ending at 3314.85. Gold should continue lower in wave ((v)) to complete wave C. The potential target lies within the 100%–161.8% Fibonacci extension from the 16 June high. This projects a support zone between 3104 and 3230, where a three-wave rally is anticipated. Traders should monitor this area for potential reversal signals, as it may offer support for a corrective bounce.
XAU/USD – Elliott Wave technical [Video]
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