XAUUSD Elliott Wave Analysis — 7/24/2026GoldOANDA:XAUUSDWavePoint_FX The D1 momentum has reversed downward while price has not yet formed a new higher high. This suggests that the corrective phase may still be continuing. D1 Timeframe The D1 momentum has reversed downward, while price failed to close above the 4201 level. On the other hand, during the previous bullish reversal, price did not form a lower low. This suggests the possibility that a triangle structure may be developing during the final corrective phase of wave Y. However, we still need to continue monitoring the market and wait for clearer price confirmation. H4 Wave Structure The H4 momentum remaining compressed in the oversold zone indicates that the bearish move may continue. However, this also means that the H4 momentum could reverse upward at any time. The current decline is steep and strong, showing the characteristics of a five-wave bearish sequence. This suggests that once the fifth wave to the downside is completed, at least a three-wave ABC corrective rally could follow. H1 Wave Structure For now, we are temporarily labeling the bearish structure as a 1–2–3–4–5 sequence. The appearance of such a deep five-wave bearish structure, although it has not completely invalidated the previous scenario, does not support the assumption that the preceding bullish move was a five-wave structure forming wave 1. Wave 5 Targets We currently have two potential target zones for wave 5: Fibonacci 0.382 of W(1+3) at 4003. Fibonacci 0.618 of W(1+3) at 3972. Looking at the current price action, price is trading above an FVG. There is a possibility that price will continue moving lower to fully fill this FVG. Therefore, the OB below may become a potential reaction zone from which price could rebound. This OB is aligned with the first wave 5 target at 4003. Therefore, we can look for potential Buy opportunities around this area. The Fibonacci 0.618 level at 3972 is also located within the previous OB, making it another potential zone for a bullish reversal. Above the current price, there is a relatively large FVG. This area may act as a price magnet, attracting price upward to fill the imbalance. It may also become the target for the upcoming bullish move driven by the expected H4 momentum reversal.