Gold – Is the initial impulse completed at 2,475 in wave five? What’s next?

Abhishek H. Singh WaveTalks

Following up from yesterday's update, Are Bulls Teasing Bears? - Ending Diagonal Scenario:

The first impulse might have completed at the highs of 2475, suggesting the initial leg of the move that began at 2420 has peaked. If the key support level of 2460 is breached on the downside, it could confirm the completion of this initial impulse.

If Gold holds the key support levels at 2450 and 2440, the yellow metal could maintain a positive bias and potentially push towards the all-time high of 2500+. Once these key supports at 2450 and 2440 are held, the bullish momentum could continue.

Author

Abhishek H. Singh

WaveTalks

Abhishek is a seasoned financial analyst with over a decade of experience specializing in Elliott Wave Theory.

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