Gold Bearish Cycle Targets $3400 – Elliott Wave Analysis
Elliott Wave analysis suggests gold's corrective phase could drive prices down to $3040–$3400 after a record high in January 2026.
XAUUSD
Gold reached a record high of $5,598.75 on January 29, 2026, and has since entered a sustained corrective decline lasting five months. According to Elliott Wave analysis, the decline is unfolding as a double three structure, projecting an extreme downside target in the $3040–$3400 range, assuming no truncation.
The analysis indicates that the bearish cycle remains open, with further downside potential before the correction is complete.
Source: FXStreet Forex News