**Elliott Wave Analysis of Gold as of December 1st, 2025 – Forecast and Technical Insight**
*Originally published by EWM Interactive. This article represents an expanded and enriched version of the original analysis by incorporating additional insights and related market context.*
Gold has long been a centerpiece of global financial markets, acting as a hedge against inflation, a store of value in times of uncertainty, and a barometer for macroeconomic risks. As of December 1st, 2025, analysts and traders are closely assessing the implications of technical structures, particularly those defined by Elliott Wave Theory, to project the future path of the yellow metal.
According to EWM Interactive, Elliott Wave analysis continues to offer critical insights into the future direction of gold. This school of technical analysis interprets price movements as psychological waves generated by mass market sentiment. Understanding where gold is positioned in its Elliott Wave cycle helps traders evaluate probabilities and anticipate potential reversals or trend continuations.
This extended article will summarize the original insights from EWM Interactive while integrating additional perspectives drawn from technical analysis, macroeconomic indicators, and broader commodity trends as of late 2025.
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### Overview of Gold’s Price Action Through Late 2025
As of December 1st, Gold was trading just under $2,110 per ounce, retreating slightly from highs earlier in the year. It remains one of the best-performing major assets of 2025 owing to several global macro factors, including:
– Persistent inflation in major developed economies such as the United States and the Eurozone
– Heightened geopolitical tensions that have driven safe-haven demand
– Concerns over fiat currency stability, particularly after more countries began reducing dollar reserves
– Lower-than-expected interest rate hikes by the Federal Reserve throughout mid-2025
Despite these bullish tailwinds, technical indicators suggest that momentum may be waning, and correction waves might be near.
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### Elliott Wave Count: Current Structure in Gold
EWM Interactive’s Elliott Wave count suggests gold either has completed or is nearing the completion of a five-wave impulse pattern, more precisely:
**Primary Degree Labeling:**
1. **Wave I** began in 2018 after the low near $1,160 and extended upward, completing near $2,070 in August 2020.
2. **Wave II**, a corrective ABC structure, retraced part of the gains dropping to around $1,680 by March 2021.
3. **Wave III** showed renewed bullish strength, extending gold to a high near $2,075 by Q2 2022.
4. **Wave IV** was a relatively flat correction, which bottomed around $1,880 in late 2023.
5. **Wave V** has been gradually unfolding throughout 2024 and 2025. Current levels suggest we are in the later stages of Wave V, potentially entering a terminal sub-wave (v).
EWM Interactive notes that if this count is accurate, the eventual completion of Wave V would imply a larger corrective phase is on the horizon, potentially as part of a larger-degree Cycle wave II.
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### Correction Risks and Possible ABC Decline
On the completion of the five-wave impulse on a primary or intermediate degree, Elliott Wave logic dictates a corrective structure. This next phase often takes the form of an ABC zigzag, flat, or triangle. If gold has concluded or is about to conclude Wave V of its current five-wave pattern, traders should prepare for:
– A decline possibly targeting major Fibonacci retracement levels such as the 38.2% or 50% levels of the entire move from Wave I to Wave V
– Potential price targets in the medium term between:
– $1,925 (38.2% retracement)
– $1,855 (50% retracement)
– In extreme cases $1,780 (61.8% retracement)
These corrective targets align with key horizontal support levels from previous consolidation zones
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