Elliott Wave Analysis of XAUUSD – August 4, 2026GoldOANDA:XAUUSDWavePoint_FX D1 Time Frame There has been no significant change in the structure on the D1 time frame. Although momentum is declining, price continues to form short-bodied candles, indicating that the compression phase is still ongoing. This suggests that a strong trend on the D1 time frame may be approaching. However, it also makes short-term trading more difficult, as price may continue to sweep both upward and downward repeatedly. H4 Time Frame Price continues to compress and may be forming a smaller triangle within the larger triangle. Triangles usually appear as the final or penultimate wave, suggesting that the current pattern may be approaching completion. At this stage, we should not attempt to label the waves while the pattern remains incomplete, because the current position of the triangle does not clearly indicate the next direction. Instead, we should patiently wait for price to break either the upper or lower boundary of the triangle to confirm the next trend. In the short term, H4 momentum has risen into the overbought zone and is preparing to reverse downward. This indicates the possibility of a bearish move on the H4 time frame. We may look for sell opportunities on the lower time frames in line with this downward momentum cycle. H1 Time Frame At the moment, identifying the exact wave pattern is not our primary objective. A symmetrical triangle may be forming. As price moves closer to the end of the pattern, compression increases and the trading range becomes narrower. What we are waiting for is a strong move in one direction to confirm the next trend. Price once again touched the FVG below and then rebounded. However, it is important to note that price has formed a lower low, indicating that selling pressure may currently have the advantage. H4 momentum has risen into the overbought zone and is preparing to reverse, suggesting that the current bullish move is weakening. In addition, there is a bearish OB above at 4074–4079, which is acting as a resistance zone. If price reaches this area, it could provide a very good zone in which to look for sell opportunities. It is important to note that this OB contains a large volume of transactions. Therefore, a significant amount of liquidity may be resting above the most recent high, including the stop-loss orders of previous sellers. As a result, we cannot rule out the possibility that price may be pushed above this area to sweep all of the liquidity before beginning to decline. Regarding the downside targets, the FVG at 4042 and the FVG at 4022 have not yet been completely filled. These areas may continue to act as price magnets.