{"id":7195,"date":"2024-12-13T21:00:10","date_gmt":"2024-12-13T21:00:10","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=7195"},"modified":"2025-05-12T12:51:05","modified_gmt":"2025-05-12T12:51:05","slug":"gold-cant-catch-break","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/","title":{"rendered":"Gold Can\u2019t Catch a Break (Yet) [Elliott Wave Gold]"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold appears trending lower in wave \u2018c\u2019 of a bearish zigzag<\/li>\n\n\n\n<li>The larger degree pattern has gold declining in minor wave 4<\/li>\n\n\n\n<li>A decline to $2300-2400 appears higher probability<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Gold\u2019s Decline is Incomplete<\/h2>\n\n\n\n<p>Our previous forecast from October 31 proved timely. In it, we forecasted a completed Elliott wave 5th wave and that a decline to $2600-$2650 was higher probability.<\/p>\n\n\n\n<p><em>\u201cFrom there [$2600-$2650], the two Elliott wave models shared diverge with the first one calling for additional declines to $2400 while the latter calls for a rally to new highs above $2800.\u201d<\/em> &#8211; <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/golds-price-losing-shine\/\">Gold\u2019s Price Losing Shine<\/a>, October 31<\/p>\n\n\n\n<p>Gold\u2019s price did embark on a decline from October 30 to November 14 drawing the price down to $2536. From there, a rally began and it became clearer which <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave model<\/a> to favor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Current Elliott Wave Count<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"677\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-4hr-XAUUSD_2024-12-13_14-44-48-1024x677.png\" alt=\"\" class=\"wp-image-7196\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-4hr-XAUUSD_2024-12-13_14-44-48-1024x677.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-4hr-XAUUSD_2024-12-13_14-44-48-300x198.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-4hr-XAUUSD_2024-12-13_14-44-48-768x508.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-4hr-XAUUSD_2024-12-13_14-44-48.png 1335w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Based on the shape of the rally from $2536, it classifies best as a bullish zigzag with the b-wave as a <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/symmetrical-triangle-pattern\/\">symmetrical triangle<\/a>. The rally in the c-wave then forms a <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/double-top-pattern\/\">double top<\/a> leaving behind a 3-wave corrective advance.&nbsp;<\/p>\n\n\n\n<p><br>As a result, the entire advance from $2536 to the $2726 double top high is labed as wave \u2018b\u2019 or a larger zigzag pattern.<\/p>\n\n\n\n<p><br>This implies that wave \u2018c\u2019 of the larger degree bearish zigzag likely carries down to below $2536, perhaps pushing even lower to the target of $2400 we identified on October 31.<\/p>\n\n\n\n<p>A break below $2634 would suggest the wave \u2018b\u2019 is in place and that gold may trend below $2536.<\/p>\n\n\n\n<p>With wave \u2018a\u2019 and \u2018b\u2019 in place, we can use the<a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\"> Fibonacci extension tool<\/a> to estimate the target for wave \u2018c\u2019 of the zigzag.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Larger Degree Elliott Wave Count<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"677\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-Weekly-XAUUSD_2024-12-13_14-45-42-1024x677.png\" alt=\"\" class=\"wp-image-7198\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-Weekly-XAUUSD_2024-12-13_14-45-42-1024x677.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-Weekly-XAUUSD_2024-12-13_14-45-42-300x198.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-Weekly-XAUUSD_2024-12-13_14-45-42-768x508.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-Weekly-XAUUSD_2024-12-13_14-45-42.png 1335w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The high from the last week of October carved 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>The top in October appears to be a completed wave from the October 2023 low. There were a few things going on at the $2800 price intersection.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A trend line from 1980 was passing through the area.<\/li>\n\n\n\n<li>Minor wave 3 would be about 161.8% the length of minor wave 1<\/li>\n<\/ul>\n\n\n\n<p>If minor wave 3 is complete, then we can anticipate the depth of minor wave 4 using the <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">Fibonacci retracement tool<\/a>. Measure out the length of wave 3 and anticipate a decline to the 38.2% Fibonacci level. This support level appears near $2363.<\/p>\n\n\n\n<p>Additionally, we have the previous wave ((iv)) in the $2277-2431 price zone. So, we have a couple pieces of evidence suggesting that the gold decline is incomplete and may work down to $2300-$2400.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>The decline in gold\u2019s price appears incomplete. We are anticipating prices will continue to fall while below $2726 reaching $2300-$2400.&nbsp;<\/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=\"6mYCv4LDKh\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/eur-usd-wave-counts-at-odds\/\">EUR\/USD Elliott Wave: Two Counts at Odds; Which Will Win?<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;EUR\/USD Elliott Wave: Two Counts at Odds; Which Will Win?&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/eur-usd-wave-counts-at-odds\/embed\/#?secret=O5HZmNvKzD#?secret=6mYCv4LDKh\" data-secret=\"6mYCv4LDKh\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The gold price forecast is for a continued downtrend possibly reaching $2300-$2400. According to Elliott wave, the decline is wave 4.<\/p>\n","protected":false},"author":160,"featured_media":7200,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-7195","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 Can\u2019t Catch a Break (Yet) [Elliott Wave Gold] - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The gold price forecast is for a continued downtrend possibly reaching $2300-$2400. 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According to Elliott wave, the decline is wave 4.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/","og_locale":"it_IT","og_type":"article","og_title":"Gold Can\u2019t Catch a Break (Yet) [Elliott Wave Gold] - Alchemy Markets","og_description":"The gold price forecast is for a continued downtrend possibly reaching $2300-$2400. According to Elliott wave, the decline is wave 4.","og_url":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/","og_site_name":"Alchemy Markets","article_modified_time":"2025-05-12T12:51:05+00:00","og_image":[{"width":1792,"height":1024,"url":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-elliott-wave-featured-image-dec-13-2024.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Tempo di lettura stimato":"3 minuti"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/","url":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/","name":"Gold Can\u2019t Catch a Break (Yet) [Elliott Wave Gold] - Alchemy Markets","isPartOf":{"@id":"https:\/\/alchemymarkets.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/#primaryimage"},"image":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-cant-catch-break\/#primaryimage"},"thumbnailUrl":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/12\/Gold-elliott-wave-featured-image-dec-13-2024.png","datePublished":"2024-12-13T21:00:10+00:00","dateModified":"2025-05-12T12:51:05+00:00","description":"The gold price forecast is for a continued downtrend possibly reaching $2300-$2400. 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