Gold is in an uptrend and is now printing new highs, supported by rising geopolitical tensions between the US and Iran, as well as growing political pressure around the Fed’s independence. From an Elliott wave perspective, gold is likely trading in a fifth wave of the five-wave recovery from the October lows. Due to the current strong extension higher, it looks like gold is eyeing 5k area, which can be reached within the projected final subwave 5 of (5) of 5, just be aware of a new subwave 4 pullback around 4900 area. Reversals are possible, but the trend remains clearly up as long as the market is trading above the 4648 invalidation level.
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Big Picture:
On a higher degree time frame, we see gold trading in an impulsive fashion, but a correction is coming, it seems for wave four in 2026
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