Gold Jumps on Geopolitical Shock Rally Exhausted or Correction?
Gold ( OANDA:XAUUSD ) opened the week higher as global markets reacted to rising geopolitical tensions.
The main driver was the weekend arrest of Venezuelas president, Nicols Maduro, by the United States, which increased global uncertainty and boosted safe-haven demand.
Ongoing tensions in the Middle East and the RussiaUkraine war continue to support gold as a hedge against geopolitical risk.
As I previously expected , gold has begun to rise and has reached its targets (full target).
Gold is currently attempting to break the resistance zone($4,467-$4,43.
From an Elliott Wave perspective, it seems that gold is in the process of completing a Double Three Correction(WXY) in an Ascending Broadening Wedge Pattern.
I expect that Gold will begin to decline and potentially drop at least to around $4,391.
First Target: $4,391
Second Target: $4,346
Stop Loss(SL): $4,540(Worst)
Points may shift as the market evolves
What do you think? Will gold continue its bullish trend into 2026, or should we expect a correction? Id love to hear your thoughts!
Please respect each other's opinions and express agreement or disagreement politely.
Gold Analyze (XAUUSD), 1-hour time frame.
Always set a Stop Loss(SL) for every position you open.
This is just my idea; Id love to see your thoughts too!
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