Gold Bearish Cycle Targets $3400 After Record High at $5598.75

According to Elliott Wave analysis, gold (XAU/USD) has completed a major bullish impulse that peaked at a record high of $5598.75 on January 29, 2026. The subsequent price action is interpreted as the beginning of a sustained corrective phase.

Analysts project that the bearish cycle could open the door for a decline toward the $3400 level, representing a significant retracement from the all-time high. The analysis is based on standard Elliott Wave principles for wave counting and corrective structures.

Traders are monitoring key support levels and wave patterns to confirm the continuation of the downtrend. The $3400 target remains a focal point for bearish scenarios in the coming weeks.