{"id":24389,"date":"2026-03-26T16:50:45","date_gmt":"2026-03-26T16:50:45","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=24389"},"modified":"2026-03-26T16:50:47","modified_gmt":"2026-03-26T16:50:47","slug":"gold-is-sold-while-oil-supply-contracts","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/elliott-wave\/gold-is-sold-while-oil-supply-contracts\/","title":{"rendered":"Gold Is Sold While Oil Supply Constriction Continues [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><strong>Trend Bias<\/strong>: Gold continues its decline in a corrective wave.<br><\/li>\n\n\n\n<li><strong>Current Action<\/strong>: A decline to <strong>$3,650 &#8211; $4,100<\/strong> and possibly lower levels appears as the higher probability trend.<br><\/li>\n\n\n\n<li><strong>Key Level<\/strong>: A print above <strong>$4,602<\/strong> suggests the first part or all of the decline is likely over.<br><\/li>\n<\/ul>\n\n\n\n<p>On March 9, we <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/gold-stumbles-from-recent-highs\/\">forecasted a decline in gold<\/a> to below $4,400. Gold reached a low of<strong> $4,099<\/strong> on March 23. Our Elliott wave model hints that the decline is incomplete.<\/p>\n\n\n\n<p>With west Asian oil exporters unable to ship their oil through the Strait of Hormuz, it has placed them in a cash crunch. In an effort to raise cash, selling anything liquid, like gold, to raise funds has pushed the price of gold lower.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Current Elliott Wave Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"630\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/03\/XAUUSD_2026-03-26_11-22-01-1024x630.png\" alt=\"\" class=\"wp-image-24390\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/03\/XAUUSD_2026-03-26_11-22-01-1024x630.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/03\/XAUUSD_2026-03-26_11-22-01-300x185.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/03\/XAUUSD_2026-03-26_11-22-01-768x473.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/03\/XAUUSD_2026-03-26_11-22-01-1536x945.png 1536w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/03\/XAUUSD_2026-03-26_11-22-01.png 1545w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The current <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave chart<\/a> of Gold shows an incomplete down trend. We are anticipating a 5-wave decline from the March 2 high of <strong>$5,419<\/strong>.<\/p>\n\n\n\n<p>So far, it appears only 4 of those waves are in place. Therefore, a fifth and final wave lower is anticipated in the coming days to complete the Elliott wave impulse pattern.<\/p>\n\n\n\n<p>There are a couple of factors that lead me to believe that one more decline is needed to complete the bearish pattern.<\/p>\n\n\n\n<p>Wave (iii) reached a <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">2.618 Fibonacci extension<\/a> of wave (i). This is an extended wave (iii) and the <strong>2.618 multiple<\/strong> is a common relationship.<\/p>\n\n\n\n<p>Additionally, the 200 day <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/simple-moving-average\/\">Simple Moving Average<\/a> hovers near March 23 low, so the bounce higher is from a confluence of technical levels.<\/p>\n\n\n\n<p>Oftentimes, after an extended 3rd wave, wave (iv) will retrace a <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">Fibonacci 38%<\/a> the length of wave (iii). The rally to <strong>$4,602<\/strong> on March 25 satisfies this guideline.<\/p>\n\n\n\n<p>Therefore, the gold market is set up for a wave (v) decline that may reach <strong>$3,650 &#8211; $4,100<\/strong> according to the Elliott wave models. If that final decline plays out, then wave ((c)) likely terminates and the entire correction from January 28 may be completed.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>Gold prices appear to be in the terminal wave of the decline that began on January 28. We suspect gold prices are starting another decline to around <strong>$3,650 &#8211; $4,100<\/strong> to finalize wave (v) of ((c)).<\/p>\n\n\n\n<p>If gold prices push above <strong>$4,602<\/strong>, then we\u2019ll consider an alternative scenario of a medium-term bottom this week.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Gold Elliott wave count hints the shiny metal may be in the latter stages of a corrective price decline. Read more for key levels inside.<\/p>\n","protected":false},"author":160,"featured_media":24396,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-24389","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 Is Sold While Oil Supply Constriction Continues [Gold Elliott Wave] - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The Gold Elliott wave count hints the shiny metal may be in the latter stages of a corrective price decline. 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