Peter Smith
● Market analyst Dark Defender is sticking with his bullish gold call but says the metal needs to cool off first. His Elliott Wave analysis shows gold just topped out around $4,200 per ounce in Wave III and should now pull back temporarily in Wave IV before pushing toward $5,000.
● His chart from October 17, 2025 shows gold looking overbought, with RSI flashing warning signs. Still, analyst says this pullback is just a "shallow correction" in a much bigger bull run, setting things up for the final Wave V push. He marks today, October 28, 2025, as "The Bounce!" – a potential turning point where prices could stabilize and start climbing again.
● From a market standpoint, this isn't a trend reversal, just a breather. With global uncertainty brewing and central banks still scooping up gold, the metal keeps drawing institutional money as a safe bet. Any drop toward the $3,300–$3,500 zone could be a solid entry point before the next leg up.
● The bigger picture backs this up: stubborn inflation, geopolitical tensions, and countries moving away from the dollar all support gold's long-term strength. The technicals match the fundamentals – momentum's taking a pause, but underlying demand is still there.
I was bullish for gold since it was $1,600 per ounce. I am still bullish; however, we warned that gold reached the Elliott Wave top around $4,200 and addressed the upcoming correction on October 17, before the massive drop. Dark Defender said:
● If he's right, the bounce happening around now could kick off gold's final run to $5,000, backing up his view that we're watching one of the strongest gold bull markets in years.
Peter Smith
