XAU/USD (daily bars), July 17, 2025.
XAU/USD (daily bars), July 17, 2025.
XAU/USD - Elliott Wave Analysis: The price action in XAU/USD shows a clear upward impulse forming Wave 3, characterized by a distinct 5-wave pattern. Following this, a triangle correction labeled A-B-C-D-E has developed, taking the form of a Symmetrical Triangle—typical for a fourth wave in Elliott Wave theory. A breakout and daily close above the B-D trendline AND the July 16 high would confirm the pattern and suggest the beginning of Wave 5. Wave 5 is forecasted to target the ~3,700 level, supported by strong impulse potential. However, if the price breaks down from the triangle instead of breaking out upward, this scenario would be invalidated.