Is Gold ready to extend higher? [Video]
|Spot Gold (XAUUSD) reached an all-time high of $5598.75 on January 29 before undergoing a sharp correction to $4402.40 on February 2. From that low, the metal began a recovery that can be characterized as a nesting impulse. This structure reflects a sequence of advancing waves, each building upon the prior move to sustain upward momentum.
From the February 2 low, wave ((1)) concluded at $5091.95, while the subsequent decline in wave ((2)) found support at $4655.30, as illustrated on the one-hour chart. Following this, the market advanced into wave ((3)), which itself nested higher. Within wave ((3)), wave (1) terminated at $5119.16, and the corrective pullback in wave (2) ended at $4841.32. The internal subdivision of wave (2) unfolded as a double three Elliott Wave pattern. Specifically, wave W declined to $4877.75, wave X rallied to $5053.11, and wave Y completed at $4841.32. This sequence finalized wave (2) at a higher degree, setting the stage for renewed strength.
Since then, the metal has resumed its upward trajectory. In the near term, as long as the pivot at $4841.32 remains intact, pullbacks are expected to attract buyers. This condition supports the view that gold will continue advancing, with corrective moves offering opportunities for accumulation rather than signaling deeper weakness.
Gold one-hour Elliott Wave chart from 2.24.2026
Gold Elliott Wave [Video]
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