Gold Market Analysis: Testing Support Levels After Recent Correction

Following gold futures' historic peak of $2,802 on October 31, the market has undergone a significant correction. Within a compressed two-week period, prices retreated approximately $174, representing a measured but noteworthy decline.

Our technical analysis model indicates the completion of a primary impulse phase, characterized by a classic five-wave pattern. Waves one, three, and five acted as bullish impulse movements, while waves two and four provided the expected corrective action. Based on this Elliott Wave interpretation, we believe gold has now entered a corrective phase.

In today's video commentary, we will elaborate on our specific price targets and explain the strategic reasoning behind our decision to initiate a long position in gold futures at current levels.

Special Note: On this Veterans Day, we extend our deepest gratitude to all military service members. We remain hopeful for a future where armed conflicts cease to exist, and no service member needs to risk their life in warfare,

Wishing you, as always good trading,