FX.co ★ XAU/USD, GOLD

Gold Price Forecast: Today we will discuss the movement of gold prices. Gold prices are trading sideways, having surpassed the psychological level of 4543.30 ahead of Wednesday's European session, and are holding near the all-time high reached yesterday. The short-term technical outlook for gold remains favorable, as the symmetrical triangle is still in the process of breaking out. The 14-day Relative Strength Index (RSI) is above 50 and is currently trading near 67, suggesting a potential upside for gold prices. If gold bulls recapture the all-time high of 4567.31, the next upside objective is 4585.31. A break above this level could approach the round level of 4635.30 and potentially the symmetrical triangle target of 4695.30. If gold prices decline higher, they could enter a correction and target short-term support at Monday's low of 4521.30. A break below this level would require a retest of the triangle at 4505.30, which currently holds support. Further declines could pose a psychological obstacle to bulls, with the 4485.30 psychological barrier posing a risk to the bulls. Gold is currently in an uptrend. Yesterday, the XAUUSD pair reached a new all-time high of 4564.91. It remains unclear whether this represents a final peak. Analyzing Andrew's pitchforks across all timeframes, we noticed that both pitchforks point upward, indicating the trend direction.

This suggests that while the trend is up across all timeframes, there are no reversal signals. However, entering from current levels could be risky. While the pair is in an uptrend, a significant correction could occur at any time, and it is clear that the upward momentum is slowing. For example, on Monday, the XAUUSD pair failed to surpass Friday's high, and today it also failed to surpass yesterday's high. Yesterday's candlesticks closely resemble bearish pinbars. Most importantly, this pair is forming within the Elliott Wave Theory, and gold is currently testing the upper limit of an ascending wedge, which is part of the Elliott Wave Theory. Notably, gold could continue to rise and reach levels near 4585.31.