The rally in the contemporary high rub along a trend line that goes back to 2023. This can repel prices, although the pattern seems incomplete.
We have mentioned above how the high today could be the end of Wave 5 and the whole impulse that goes back to 2022. However, there is another possibility that we closely monitor that suggests $ 2,500.
Under this model, Wave 4 is still incomplete. Today’s High would be Golf ((B)) of 4. A decrease of approximately $ 2,500 would be wave ((c)) of 4.
This would bring Wave 4 more into line with the price and time correction of his cousin, Wave 2.
You see, the first golf count that I shared above contained a Golf 4 -triangle that was shallow in price and time compared to Golf 2. That is why we are holding an open mind about which pattern the time and depth of Wave 4 could extend and The red labels above would be shown.
Bottom Line
Gold seems to have an incomplete Elliott golf series to the top.
Multiple models suggest a decrease to $ 2760- $ 2830. From there, the models vary with one Elliott golf model that suggests a rally to new all-time highlights, while another model suggests a continuous decline of $ 2,500. For $ 2,500, Wave 4 would complete and the Golf 5 unfolds to new all time.
Anyway, we anticipate new highlights of all time to develop, but from lower levels.
Short -term advantage: Bearish
Long -term bias: Bullish
Main level for bullish bias: $ 2,500
First target: $ 3,400