XAUUSD Perfectly Reacting Higher From The Blue Box Area

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the XAUUSD. The rally from the 25 July 2024 low showed a higher high sequence & provided a short-term opportunity at the blue box area. In this case, the pullback managed to reach the blue box area & provided a perfect reaction higher. So, we advised members not to sell Gold but to buy the blue box area for a minimum reaction higher to happen. We will explain the structure & forecast below:

XAUUSD 1-Hour Chart From 10.08.2024 NY Update

XAUUSD Perfectly Reacting Higher From The Blue Box Area

Here’s the 1-hour Elliott wave Chart from the 10.08.2024 NY update. In which, the rally to $2685.58 high ended wave 3 & made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $2624.54 low. Then a short-term bounce to $2673.14 high-ended wave ((x)) & started the next leg lower in wave ((y)) towards $2611.86- $2573.73 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.

XAUUSD Latest 1-Hour Chart From 10.14.2024 NY Update

XAUUSD Perfectly Reacting Higher From The Blue Box Area

Above is the Latest 1-hour Elliott Wave Chart from the 10.14.2024 NY update. In which the metal is showing a perfect reaction higher taking place from the equal legs area. Right after ending the double correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above $2685.58 high would still be needed to confirm the next leg higher minimum towards the $2705.22- $2737.27 area & avoid double correction lower.

Source: https://elliottwave-forecast.com/commodities/xauusd-perfectly-reacting-higher/