Gold (XAUUSD) 8H Analysis – Elliott Wave + Harmonic Structure
Gold OANDA:XAUUSD
Gold is showing a strong bullish structure on the 8H timeframe after completing a major harmonic formation in the broader context.
From my current Elliott Wave count, waves (1) and (2) appear to be completed, while wave (3) has likely reached its resistance area around 4,288 – 4,332.
At this stage, I am watching for a possible wave (4) corrective pullback into the Fibonacci retracement zone:
- 23.6% retracement: 4,223
- 38.2% retracement: 4,172
- 50.0% retracement: 4,132
As long as price remains above the key invalidation/support region, this structure still favors bullish continuation.
If wave (4) develops properly, the next upside target for wave (5) could extend toward the 4,399 – 4,440 area, which also aligns with the projected PRZ/sell zone.
After the completion of wave (5), I expect a potential ABC corrective structure, with a possible downside target near 4,186.
Key idea:
- Short-term: watch for wave (4) retracement
- Mid-term: bullish continuation into wave (5)
- Main bullish target: 4,399 – 4,440
- Potential corrective target after wave (5): around 4,186
This is my current working scenario and will remain valid as long as the bullish structure is preserved.
Not financial advice. Always wait for confirmation and manage risk properly.