Elliott Wave Analysis XAUUSD – April 7, 2026GoldOANDA:XAUUSDWavePoint_FX Momentum – D1 momentum is currently bearish → There is a high probability that the decline may continue for the next 2–3 days – H4 momentum has entered the oversold zone → High probability of a reversal → Expect a corrective bounce or sideways movement → Until H4 momentum reaches the overbought zone – H1 momentum is still decreasing but showing signs of a bullish reversal → Need confirmation → If confirmed, a short-term bounce or sideways movement is likely on H1 Elliott Wave Structure – With D1 momentum turning bearish → There is a high probability that Wave 4 has completed – Wave 5 downside targets: → 4282 (Fibonacci 0.382) → 3791 (Fibonacci 0.618) → The current decline is still relatively modest → We cannot rule out the possibility of panic selling in the next 2–3 days → To complete the Wave 5 structure H4 Structure – H4 momentum is in the oversold zone → Suggesting a potential bounce – However: → Bearish candles have small bodies → Not enough confirmation that Wave 2 has completed → Further observation is required → Structurally: – The market is favoring a strong bearish move as Wave 3 → But in the short term (momentum perspective): – A corrective bounce is still likely ⇒ Therefore: – Avoid buying at this stage – Wait for H4 momentum to reach the overbought zone → Then use liquidity zones to look for Sell opportunities Key condition: → Price must not break above 4802 H1 Structure – Price is showing signs of a bounce as H1 momentum is attempting to reverse upward → Confirmation is required – If price retraces and reaches the 4697 zone: → This level may no longer act as strong resistance → Price could extend higher toward 4737 → At that zone: – Combine with H4 momentum to look for Sell setups – Alternative scenario: → If H1 or H4 reaches the overbought zone and reverses bearish → While price fails to break above 4697 → This could serve as early confirmation that Wave 2 has completed