Gold Spot Elliott Wave Analysis: Bearish Reversal Ahead ?

XAUUSD XAUUSD XAUUSD




📊 Analysis Overview:
We're seeing a potential completion of the 5th wave in this Elliott Wave structure, signaling a possible end to the bullish momentum. A corrective move down is expected to follow soon.

🔺 Rising Wedge Formation:
The price is currently testing the resistance of a rising wedge, a bearish reversal pattern. If this pattern plays out, a break below the wedge's support could signal a sharp move down.

📉 Critical Resistance Level:
The key level to watch is $2,564. If the price fails to break and hold above this level, it will likely confirm the start of the anticipated correction.

🔻 Bearish Target:
After the 5th wave, we could see a decline towards the $2,350 - $2,400area, aligning with a corrective ABC pattern.

📈 Trade Idea:
A potential short opportunity could arise once we see a clear break below the wedge's support. Keep an eye on price action around $2,564 for confirmation of the bearish scenario.

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This analysis suggests a short-term bearish bias after the completion of the current bullish wave. Always ensure proper risk management!