{"id":3508,"date":"2024-07-12T00:00:00","date_gmt":"2024-07-12T00:00:00","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3508"},"modified":"2025-05-14T13:13:02","modified_gmt":"2025-05-14T13:13:02","slug":"gold-rally-still-has-room","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gold-rally-still-has-room\/","title":{"rendered":"Gold Elliott Wave: Rally Still Has Room to Run"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold has broken higher out of a triangle pattern<\/li>\n\n\n\n<li>Gold may rally to $2516-2621<\/li>\n\n\n\n<li>Bullish key level is $2293<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Gold Breaks Higher From Triangle Pattern<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"785\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/gold-jeremy-jul-12-TA-1024x785.jpg\" alt=\"\" class=\"wp-image-3510\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/gold-jeremy-jul-12-TA-1024x785.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/gold-jeremy-jul-12-TA-300x230.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/gold-jeremy-jul-12-TA-768x589.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/07\/gold-jeremy-jul-12-TA.jpg 1247w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Gold has been rallying since late 2023 in an Elliott wave impulse pattern. The bullish impulse pattern is incomplete to the upside. However, the current impulse is on the latter half of the sequence as the rally beginning June 26 is viewed as a fifth and final wave.<\/p>\n\n\n\n<p>In our <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/quarterly-forecast\/gold-silver-copper-crude-oil-q3-forecast\/\">Q3 forecast for gold<\/a>, we analysed the market as nearing a bottom in a fourth wave.<\/p>\n\n\n\n<p>Turns out, the fourth wave low was set into place on June 26 at $2293.<\/p>\n\n\n\n<p>Therefore, the rally since June 26 is viewed as the fifth and final wave of the impulse pattern.<\/p>\n\n\n\n<p>This fifth wave in gold should subdivide in 5-waves, either as an impulse or ending diagonal pattern. Zooming it, it appears to be shaping as a smaller bullish impulse pattern.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Count on Gold<\/h2>\n\n\n\n<p>It appears gold is trending higher and is in wave iii of (v). We suspect wave iii will continue to press higher up to around $2516-2621 before finding a top.<\/p>\n\n\n\n<p>Gold could rally further or not make it into that price zone. The price zone is derived using Elliott Wave best practices and Fibonacci wave relationships.<\/p>\n\n\n\n<p>If gold falls below the June 26 low of $2293, then we\u2019ll consider wave v complete or that another pattern was developing. In that circumstance, if it occurs, we\u2019ll re-evaluate the pattern.<\/p>\n\n\n\n<p><strong><em>You might also be interested in:&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gbp-usd-starting-third-wave-rally\/\">GBPUSD &#8211; Beginning of 3rd Wave Rally?<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/symmetrical-triangle-pattern\/\">Symmetrical Triangles &#8211; A Guide For Traders<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold&#8217;s rally may stall between $2516-$2621 while holding above $2293.<\/p>\n","protected":false},"author":160,"featured_media":3509,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-3508","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 Elliott Wave: Rally Still Has Room to Run - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Gold&#039;s Elliott wave pattern hints at an incomplete pattern. 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