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Navigating the Gold Market: Professional Elliott Wave Chart Insights & Predictions
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Hello, hello and welcome to another update video about gold. Now on the gold chart we have now seen a reaction to our micro support area that we talked about in the last video. We haven't clearly, you know, not yet clearly broken out to the upside yet, but we have a reaction, quite a substantial reaction to that support region. So we talked about it only a few days ago. I think that was when we were still in the support region without any upside reaction yet.
But ultimately the idea was that this here is a B wave pullback in a third wave and that third wave, okay, which should, well, the third wave should ideally get to the 138% extension or the 161. 8 extension while the support area should hold. So obviously this, the wave count only gives us the key parameters. So the Elliott wave structures are a roadmap and we know when the market is deviating from the roadmap. The Elliott wave gives us very clear risk levels here. And the key level here for this B wave corrective pullback, and it is a corrective pullback at the moment, it's only in three waves, that definitely keeps the door open for hire.
So it's a corrective pullback, so it keeps the door open for hire, but the key support was at $2,600. That means a break below it wouldn't be great, wouldn't be invalidation, but it wouldn't be great. But the invalidation point of this AB structure is the red line. That's really the key level. That's the invalidation point. That's at 2,573. But support and invalidation point obviously did hold. We haven't broken yet above previous high highs, however. And in the coming week, I'm going to watch for a break above, so at least it's the next target for the bulls, right? That we get a break above this last high at 2,690 followed by a break above 2,710.
While ideally holding above the Thursday low, because if this is the low, then the price should now move higher in wave C of three. Now I already gave you standard Fibonacci targets for a third wave based on the length of the initial one, two setup within an even larger C wave of wave three. So overall, yeah, we're still watching for higher prices overall, yeah. But what we can do as well, now that we have a potential low in place in this B wave, we can specify that a little bit further.
How do we do that? Well, we take the length of the A wave, we go to the low of the B wave, and then we are looking for the 100% extension. And we will have to have a look if it's in any way outside of the box there, yeah. But no, it's actually within the existing target box. So that's great. That actually gives us additional confluence. And if the market can really next week or so break out higher, then I'm going to watch this area between 2007, 38 and 2007, 67 with an additional level now at 2000. Yeah, seven hundred fifty eight. So what happens now if we however break lower? Well, it would be the alternative scenario.
And I shared with you in the last update that there are different scenarios then which could apply. But one such scenario could be that we already in this fourth wave. That's definitely the next one I'm watching for with support then for the alternative scenario between 2004, 82 and 2005, 66. So primary count is that we're going higher as per the micro count suggested and that we are holding 2600. Alternatively, and only the market will decide that it can be that we do this a larger ABC out of this smaller ABC, a larger ABC could form with support down here between 2005, 66 and 2004, 82. But that would only be well, that would require approving at least.
And we would break. We would need a break below the Thursday low, but possibly also a break, obviously, then going forward below 2600 and below the red line to confirm it really further. But for now, we had a good reaction and all the data points are clear now. Should be at least roadmaps still pointing for higher prices. And at the moment, I think we are still in this larger degree third wave. That's the update about gold. Hope you liked the update. If you did, please hit the like button, leave a comment and subscribe.
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