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Gold touches all-time high. Overbought or poised for more upside?

Gold ($XAUUSD) has soared to a new all-time high, marking the launch of its next bullish phase. This powerful uptrend began on September 26, 2022, and is unfolding as a five-wave Elliott Wave pattern, a technical framework traders use to predict market movements. The first wave (I) climbed to 2081.82, showing strong momentum. Then, a corrective wave (II) pulled back to 1810.58, setting the stage for more gains. The third wave (III) was the most explosive, rocketing to 3167.74, driven by global demand for the safe-haven metal. Wave IV followed, forming a zigzag pattern—a typical correction where prices dip before resuming the trend. This correction found its low at 2954.62 after a structured decline.

Now, gold is advancing in wave V, the final leg of this impulse. The first sub-wave, wave (1), hit 3132.59, with smaller waves within it showing steady progress. A brief wave (2) dip ended at 3103.17, and now wave (3) is pushing prices higher. As long as the key support at 2954.6 holds, pullbacks should attract buyers, particularly in 3, 7, or 11 swings—technical levels where dips often reverse. This suggests more upside ahead for gold, appealing to both traders and investors watching this historic rally.

XAUUSD (Gold) 60 Minute Elliott Wave Chart

XAUUSD (Gold) Video
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Source:-forecast.com/news/gold-touches-time-high-overbought-poised-upside/