{"id":6425,"date":"2024-10-31T16:44:47","date_gmt":"2024-10-31T16:44:47","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=6425"},"modified":"2025-05-13T07:54:38","modified_gmt":"2025-05-13T07:54:38","slug":"golds-price-losing-shine","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/elliott-wave\/golds-price-losing-shine\/","title":{"rendered":"Gold\u2019s Price Losing Shine [Gold Elliott Wave]"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold appears to have completed a 5th wave as wave relationships appear near $2800<\/li>\n\n\n\n<li>A decline to $2600-2650 appears higher probability<\/li>\n\n\n\n<li>The price behaviour near $2600 will provide clues to the next big trend<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Gold Reached the End of 5th Wave<\/h2>\n\n\n\n<p>Gold has reversed nearly 2% today (at the time of this writing). This is the largest single day decline since the summer (June or July depending on how today\u2019s candle closes).<\/p>\n\n\n\n<p>If the week closes near current prices or lower, it would represent a bearish weekly pattern like a <a href=\"https:\/\/alchemymarkets.com\/education\/candlesticks\/shooting-star-pattern\/\">shooting star<\/a> or <a href=\"https:\/\/alchemymarkets.com\/education\/candlesticks\/pin-bar-pattern\/\">bearish pin bar<\/a>.<\/p>\n\n\n\n<p>From an Elliott wave perspective, it appears a fifth wave has been finalized. The big question is what degree of trend was this wave 5?<\/p>\n\n\n\n<p>Let\u2019s look at a couple of wave counts we\u2019re following.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf4OBDu7ST0cGiOWqvg-4-YrRrvYgUfvO8gYHkNd96n2VRW1GPUAs72V5X4JWvmOvYukjjR-cneRPziuY0OpDeDAmO-bdbw8L5QUWt_MTOqqxlc67ru7okBDdql4bTMR_OhzuWKp8aCbKZGQLEct1sEaCq7?key=fCZYem6bkT-xWDlvpEoXDQ\" alt=\"\" \/><\/figure>\n\n\n\n<p><em>Chart 1<\/em><\/p>\n\n\n\n<p>This first wave count suggests a larger trend has terminated going back to November 2023. As a result of this large trend, it has the potential for a larger downward correction. A \u2018normal\u2019 retracement would be back near $2400 and possibly lower levels.<\/p>\n\n\n\n<p>The $2400 price range contains wave ii of (v) which is a normal retracement within an extended fifth wave. Additionally, the previous wave (iv) <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/symmetrical-triangle-pattern\/\">symmetrical triangle<\/a> is near this price zone too.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdTQm3rkyJimngN-pJu6RXruQ9ft1LtmCi6Vicye0xmQyDnKrtb-pBKq4pkizz9o4j2gj549nI7H9egQKArlQPd6YQNd9K03VUJGnonixSlAbX8QUS7ZouMXwIkgS_VX7kfmUKfsSlbofDQeqag3IvopCZU?key=fCZYem6bkT-xWDlvpEoXDQ\" alt=\"\" \/><\/figure>\n\n\n\n<p><em>Chart 2<\/em><\/p>\n\n\n\n<p>The second wave count we have our eye on is above.<\/p>\n\n\n\n<p>This suggests the high was a smaller degree of trend fifth wave. Therefore, the pullback will be smaller.<\/p>\n\n\n\n<p>Under this model, a decline to $2600-$2650 would be considered normal. This level contains the 38.2% Fibonacci retracement of micro wave 3. Additionally the previous 4th wave is nearby.<\/p>\n\n\n\n<p>After this brief decline in micro wave 4, then micro wave 5 would rally up to new all-time highs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>Both of these wave counts are calling for a decline to $2600-$2650. From there, the two Elliott wave models shared above diverge with the first one calling for additional declines to $2400 while the latter calls for a rally to new highs above $2800.<\/p>\n\n\n\n<p>Keep an eye on the upward sloping blue trend line. A break below the blue support level would signal that a top has formed and that Gold may want to visit lower price levels.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"Kg7q70ObeC\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usd-cad-wake-of-rate-cut\/\">USD\/CAD Elliott Wave: The Wake of a Rate Cut<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;USD\/CAD Elliott Wave: The Wake of a Rate Cut&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usd-cad-wake-of-rate-cut\/embed\/#?secret=9O7Tm0BX6g#?secret=Kg7q70ObeC\" data-secret=\"Kg7q70ObeC\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"oHYYql67nl\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/sp500-slip-bull-wont-trip\/\">SP500 Elliott Wave: Stocks Slip, But the Bull Won&#8217;t Trip<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;SP500 Elliott Wave: Stocks Slip, But the Bull Won&#8217;t Trip&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/sp500-slip-bull-wont-trip\/embed\/#?secret=c0pFKSvCwM#?secret=oHYYql67nl\" data-secret=\"oHYYql67nl\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Gold&#8217;s price forecast using Elliott wave suggests a decline is underway to $2600-$2650. Discover the two main Elliott wave counts we are following.<\/p>\n","protected":false},"author":160,"featured_media":6426,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-6425","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold\u2019s Price Losing Shine [Gold Elliott Wave] - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Gold&#039;s price forecast using Elliott wave suggests a decline is underway to $2600-$2650. 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