Usman Salis
⬤ Gold prices are pushing upward, and technical indicators suggest we're seeing the fifth wave of an Elliott Wave pattern unfold. The metal is heading toward a key resistance zone between $4,652 and $4,709, which marks the completion of five waves in the current uptrend. If this pattern holds, gold could have more room to run.
⬤ Currently trading at $4,635.50, gold has already broken through several important resistance levels. The $4,652–$4,709 range is now the zone to watch, as it lines up with Fibonacci retracement levels that often act as magnets for price action. "The price of Gold is heading toward the $4652-$4709 resistance zone, marking the completion of five waves to the upside," highlighting the technical significance of this level.
⬤ For now, the trend remains bullish as long as gold holds its support levels. A clean break above $4,700 could open the door to a more significant rally, potentially attracting fresh buying interest from traders who've been sitting on the sidelines. The next few trading sessions will be crucial in determining whether gold has the momentum to reach new highs or needs to consolidate before the next leg up.
Usman Salis
