Technical Analysis (Elliott Wave):
📈 On the medium-term timeframe, gold has broken above its descending trendline — a key signal of a potential structural shift.
🔢 Price action suggests gold may be unfolding a 5-wave Elliott structure, and we could currently be inside Wave 3 — typically the strongest and most impulsive leg of the move.
🛡️ Key Support: $4,222
As long as price holds above this level, the bullish structure remains valid and supports the Wave 3 scenario.
⚠️ A break below this support would require a reassessment of the wave count.
Fundamental Analysis 🌍
💵 Growing expectations of Fed rate cuts are weighing on the dollar — typically a tailwind for gold.
🏦 Continued central bank buying keeps structural demand for gold strong.
🌐 Global economic uncertainty and geopolitical risks continue to support gold's safe-haven appeal.