Gold has completed a three-wave pullback and rallied from the Equal Legs area as anticipated. The commodity remains within the broader cycle initiated from the 4233.8 low.
The current analysis examines the Elliott Wave structure, critical technical levels, and the projected path forward.
GOLD Elliott Wave 1 Hour Asia Chart 09.22.2026
Gold is currently correcting the cycle from the 4234.1 low, forming a three-wave correction that appears to be unfolding as a Double Three pattern. With price remaining below the current peak marked as (x) blue, another leg lower is expected to complete the (y) blue wave. The buying zone is identified at 4299–4281, derived from the Equal Legs area using the Fibonacci Extension tool. Once this zone is reached, buyers are expected to take control, driving a bounce in at least three waves with the potential to reach new highs.
GOLD Elliott Wave 1 Hour London Chart 09.22.2026
The commodity made the expected decline and reached the target area at 4299–4281. Price has found support there, with the pullback completed at the 4292 low. As long as price holds above 4292, wave ((ii)) can be considered complete, with wave ((iii)) potentially already progressing toward new highs. Conversely, a break below 4292 would indicate the pullback is still unfolding, putting the 4234 low at risk.
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