Gold’s Bearish Setup – What’s Next for $XAUUSD?

Gold(XAUUSD) fell to $3,003 as I expected in my previous post. Of course, since this is a round number, we can expect good support.

In terms of Classic Technical Analysis, Gold appears to have succeeded in breaking the neckline of the two patterns, the Head and Shoulders Pattern and the Three Falling Peaks Pattern.

Educational Note: The Three Falling Peaks is a bearish reversal pattern that occurs after an uptrend, where the price forms three consecutive lower peaks. Each peak represents a failed attempt to continue the uptrend, signaling weakening bullish momentum. A breakdown below the support confirms the pattern and signals a potential downtrend.

In terms of Elliott Wave theory, it seems that Gold has completed 5 impulsive waves and we should wait for corrective waves.

I expect Gold to attack the $3,000 at least once more after completing the pullback, and the next target could be the Support zone($2,989-$2,976).

Note: If Gold goes above $3,039, we should expect more pumps.

Gold Analyze ( XAUUSD ), 1-hour time frame.

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Trade active

Trade was activated in pullback.