The Gold Elliott Wave Setup on the 4-hour (4H) chart reveals a textbook impulsive structure.

Wave (3) appears to have completed at the 3438.99 level, and price is now pulling back into what looks to be a typical Wave (4) correction.

According to Elliott Wave principles, Wave (4) often retraces to the 38.2% Fibonacci level of Wave (3), which currently aligns near the 3380 zone, a critical support area to monitor.

Wave (4): A Healthy Pullback in a Bullish Trend

The current pullback seems like a normal breather after strong bullish momentum.

Wave (4) is typically corrective and may unfold as a flat or triangle pattern.

As long as price remains above the invalidation level at 3246.56, the bullish outlook remains valid.

Gold Elliott Wave Setup: Correction Before The Next Move Up?

Key Highlights from This Gold Elliott Wave Setup:

  • Wave (3) shows a clean 5-wave internal structure
  • The current decline lacks strong bearish momentum (typical of a correction)
  • 38.2% Fib retracement (3380) offers potential re-entry zone

What’s Next?

If price holds near the projected Wave (4) support, Wave (5) could begin, targeting new highs above 3438.99.

For wave traders, this setup could present a calculated long opportunity, with stops just below the end of Wave (4).

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