Elliott Wave Analysis XAUUSD – June 25, 2026GoldOANDA:XAUUSDWavePoint_FX Price is still testing our patience. The key question now is: where is today’s intraday bottom? Momentum D1 Momentum: D1 momentum is currently in the oversold zone, but it has not yet been confirmed to reverse upward. Therefore, at this stage, we need to remain patient and wait for confirmation. H4 Momentum: H4 momentum is showing signs of reversing downward. Therefore, there is a possibility that H4 will form another bearish move. H1 Momentum: H1 momentum is also reversing downward. Therefore, H1 may also continue to form another bearish move. Wave Structure D1 Wave Structure Yesterday’s daily candle closed below the previous low. This is an initial signal that price may want to move deeper. However, today’s daily close is extremely important. If, during the London session, selling pressure pushes price below the lowest point of the previous bearish candle, then price reverses strongly upward and closes back above the previous low at 4024, there is a high probability that we have a successful liquidity sweep. After that, a bullish retracement lasting at least a few days may occur. On the other hand, if price forms a bullish candle but fails to close above 4024, the bearish move may continue until D1 momentum is confirmed to reverse upward. H4 Wave Structure H4 momentum is reversing downward while price has not formed a clear bullish move. Therefore, H4 may continue to form another bearish move during the upcoming London session. H1 Wave Structure Price has reached the target zone, but the current upward move is still unclear. The waves are overlapping, and with H4 momentum reversing downward, there is a possibility that price may continue to decline during the London session. We expect the London session to form today’s intraday bottom. At that point, H4 momentum may also move down into the oversold zone. Trading Perspective Looking at H1, the current structure is still forming lower highs and lower lows. The nearest lower high in the current bearish move is at 4040. Therefore, price first needs to break above this high to show a CHoCH, confirming a potential bullish structural shift. There is also another possible timing to catch the reversal, but the risk will be higher. Since price has already reached the target zone, technically, price may reverse at any time from this area. Therefore, we will wait for both H4 and H1 momentum to enter the oversold zone and prepare to reverse upward. At that point, we will move down to lower timeframes such as M5 or M15 to look for a structural shift. Specifically, price needs to break above the nearest lower high, then retrace back to the OB zone to look for an entry.