Elliott Wave Analysis XAUUSD 1/6/2026GoldOANDA:XAUUSDWavePoint_FX Momentum D1 momentum has currently turned upward. Therefore, in the coming week, there is a possibility that we may see an upward trend lasting until the end of the week. H4 momentum is currently declining. Therefore, when the market opens on Monday morning, there is a possibility that we may see a pullback on the H4 timeframe. H1 momentum is no longer accurate after the 2-day market break. We will reassess it when the market opens on Monday morning. Elliott Wave Structure D1 Wave Structure At the moment, price has already reached the first target. In addition, D1 momentum has turned upward. It is still too early to confirm that a long-term uptrend has started, but at the very least, we may already have a daily bottom, and this upward move could continue until the end of the week. If price approaches or breaks above the 4770 area, we will have additional confirmation of a new long-term uptrend. If this upward move truly begins, a new trend could create a new ATH. H4 Wave Structure The fact that price has swept the liquidity above the black wave B high does not yet confirm a new trend. We still need price to close above the wave B high. However, the current price action does make us think more about the possibility of a long-term bullish trend forming. H4 momentum is currently turning downward. Therefore, I label the current upward move as blue wave 1. The current decline, together with the downward movement of H4 momentum, is expected to be blue wave 2. This is an opportunity for us to look for Buy positions based on the wave 3 scenario, after blue wave 2 is completed. H1 Wave Structure The upward move following the blue 12345 five-wave structure has been completed as price swept the stop-losses of sell orders inside the FVG area. The target for blue wave 2 usually retraces back to the wave 4 area or the Fibonacci 0.618 zone, which corresponds to the OB at 4491 and the BB at 4461. In addition, we also have a strong OB at 4483.967. The target area for the completion of wave 2 is very likely to be one of the two OB and BB zones mentioned above. Therefore, we will wait for price to return to these areas to look for Buy positions.