Gold Bull Run: Wave 5 on the Way!

Elliott Wave Setup – We're in Wave 5, riding a powerful upward channel from the recent Wave 4 low, aiming for ~$3,500–3,600

Key Resistance & Breakout – The $3,497–3,500 area is critical. A clean breakout above this could open the next leg toward ~$3,600–3,700, echoing forecasts from ANZ and Cantor .

*Support Level – Immediate support lies around the $3,392 area (recent resistance turned support). A dip back to $3,420–3,440 could provide a strong buying opportunity.

*Macro Drivers – Geopolitical tensions (especially in the Middle East) and a soft U.S. dollar are fueling safe-haven buying, matching broader bullish sentiment

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📈 Outlook: Minor pullback expected, then resumption of rally. Breakout above $3,500 could trigger the next surge.
🛡️ Strategy Tip: Consider buying on dips around $3,420–3,450 with resistance-based stop-loss and targets at $3,500 then $3,600–3,700.