Hello fellow traders,
As our members know we have had many profitable trading setups recently. In this technical article, we are going to present another Elliott Wave trading setup we got in GOLD (XAUUSD) . The commodity completed its correction precisely at the Equal Legs zone, referred to as the Blue Box Area. In the following sections, we will delve into the specifics of the Elliott Wave pattern observed and discuss the corresponding trading setup in detail.
GOLD Elliott Wave 1 Hour Chart 02.28.2025
The current view indicates that XAUUSD is forming a wave 2 red correction. The price action shows an incomplete sequences in the decline from the peak, suggesting potentially more short term weakness. This correction is likely unfolding as an Elliott Wave Double Three pattern. We anticipate an extension toward the extreme zone at 2862.5–2820.7 area, where we are looking to re-enter as buyers.
We recommend members to avoid selling GOLD. As the main trend remains bullish, we anticipate at least a 3-wave bounce from this Blue Box area. Once the price touches the 50 fibs against the ((x)) black connector, we’ll make positions risk-free and set the stop loss at breakeven and book partial profits. On other hand, breaking below the 1.618 Fibonacci extension level at 2820 would invalidate the trade.
Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.
Quick reminder on how to trade our charts :
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
GOLD Elliott Wave 1 Hour Chart 03.04.2025
The commodity has made extension down toward Blue Box and found buyers as expected. XAUUSD is showing a decent bounce from our Buying Zone. Consequently, any long positions from the Blue Box should now be risk-free. We’ve set our stop loss at breakeven and have already secured partial profits. Now, we would like to see a break of the 1 red peak (02.24) to confirm that the next leg up is in progress.
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Source: https://elliottwave-forecast.com/trading/gold-xauusd-buying-dips-blue-box-area/