{"id":21633,"date":"2026-02-03T17:27:32","date_gmt":"2026-02-03T17:27:32","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=21633"},"modified":"2026-02-03T17:27:34","modified_gmt":"2026-02-03T17:27:34","slug":"golds-rebound-may-be-temporary","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/golds-rebound-may-be-temporary\/","title":{"rendered":"Gold\u2019s Rebound May Be Temporary (Elliott Wave)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trend Bias:<\/strong> Gold (XAUUSD) has been rallying higher in wave <strong>((b)) of a zigzag<\/strong>.<\/li>\n\n\n\n<li><strong>Key Levels:<\/strong> Resistance target zone between <strong>$5,025-$5,316<\/strong>.<\/li>\n\n\n\n<li>Bearish view while price holds below $5,596.<\/li>\n<\/ul>\n\n\n\n<p>Gold\u2019s heightened volatility continues through today. The Elliott Wave pattern hints that the correction may not be complete.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Current Elliott Wave Analysis<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"593\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/02\/XAUUSD_2026-02-03_11-13-23-1024x593.png\" alt=\"\" class=\"wp-image-21634\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/02\/XAUUSD_2026-02-03_11-13-23-1024x593.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/02\/XAUUSD_2026-02-03_11-13-23-300x174.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/02\/XAUUSD_2026-02-03_11-13-23-768x445.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/02\/XAUUSD_2026-02-03_11-13-23-1536x890.png 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/02\/XAUUSD_2026-02-03_11-13-23.png 1634w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Gold has continued its strong rebound after a 2-day correction. The rally appears to be <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a> ((b)) of a larger zigzag decline. This hints that after this rally exhausts, then a wave ((c)) decline likely carries to new lows below $4,400.<\/p>\n\n\n\n<p>Zigzags unfold as a 3-wave pattern and this bearish zigzag is labeled ((a))-((b))-((c)). If&nbsp; Gold prices are rallying in wave ((b)), then we know from our Elliott Wave studies that it will subdivide as a corrective wave.<\/p>\n\n\n\n<p>We can use the <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">Fibonacci retracement<\/a> levels to pinpoint potentially bearish reversal points. The 61.8% appears near $5,106 and the 78.6% arrives at $5,316.<\/p>\n\n\n\n<p>Additionally, we use the <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">Fibonacci extension<\/a> tool to list out potential target zones of wave \u00a9 of ((b)). The 100% Fibonacci extension appears near $5,025 and the 161.8% extension level is near $5,309.<\/p>\n\n\n\n<p>Therefore, we can highlight a potential target zone between $5,025-$5,316. If gold prices reach this zone, then the potential for a bearish reversal is increased.<\/p>\n\n\n\n<p>If this wave count is correct, then when wave ((b)) is completed, then a bearish downtrend in wave ((c)) likely carries gold prices below $4,400, possibly reaching $4,000.<\/p>\n\n\n\n<p>Previous horizontal <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">support<\/a> from November looms near $4,000.<\/p>\n\n\n\n<p><strong>Bottom Line<\/strong><\/p>\n\n\n\n<p>Gold appears to be approaching a near-term top in wave ((b)) of a bearish zigzag. If correct, then a decline in wave ((c)) would be temporary and possibly reach support near $4,000.<\/p>\n\n\n\n<p>If gold keeps accelerating higher above $5,300, then we\u2019ll reconsider the wave count.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold (XAUUSD) is rallying in wave &#8216;b&#8217; of a zigzag. The Gold Elliott wave forecast suggests a decline to new lows. View key levels to watch now.<\/p>\n","protected":false},"author":160,"featured_media":21640,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-21633","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 Rebound May Be Temporary (Elliott Wave) - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Gold (XAUUSD) is rallying in wave &#039;b&#039; of a zigzag. The Gold Elliott wave forecast suggests a decline to new lows. 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