Gold Elliott Wave AnalysisGold has continued its upward trajectory after breaking out of a two-month consolidation and is now ready to challenge new all-time highs. The bullish sentiment is strong across all time frames, presenting opportunities for traders to buy on dips, expecting a sustained rally. Daily Chart AnalysisOn the daily chart, Gold completed the supercycle wave (IV) of the long-term bullish trend that began in December 2015. This completion paved the way for a new impulse wave (V). Within wave (V), waves I and II were finalized in May and October 2023, respectively. Gold is currently progressing in wave (3) of 3 (circled) of III, which has the potential to extend beyond the 2500 level before concluding. The consolidation phase observed between April 12th and June 26th corresponds to wave 4 of (3). The current upward movement is part of wave 5 of (3), which is expected to surpass previous highs and establish new records. The bullish outlook remains robust, offering traders opportunities to enter positions on pullbacks.  H4 Chart AnalysisThe H4 chart provides a closer look at the sub-waves within wave 5 of (3). The price completed wave i (circled) of 5 on July 17th and is now in a pullback for wave ii (circled) of 5. This pullback could complete a double zigzag pattern within the 2346-2296 Fibonacci retracement zone, although it should remain above the 2294 invalidation level. Alternatively, if wave ii (circled) has already bottomed at the low of July 25th, the current recovery should gain momentum and break through the July 2nd high, continuing the advance into wave iii of 5. In either scenario, the upside is favored as long as the price remains above 2294.  ConclusionGold continues to show strong bullish momentum, with the potential for further gains and new all-time highs. Traders should watch for opportunities to enter on pullbacks, with key support levels to monitor around the 2346-2296 zone. The overall outlook remains positive, with the potential for significant upward movement in the coming weeks.More By This Author:GBPUSD Forex Elliott Wave Technical Analysis – Friday, August 9
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