Let’s clear it up precisely for GOLD (XAU/USD) in Forex trading:

What’s technically correct on MetaTrader (Forex-style)

Most Forex traders on MT4/MT5 treat gold like a currency pair:

1 pip = 0.01

1 point = 0.001

So:

If price moves from 2385.40 → 2386.40, that’s 100 pips (or 1000 points).

Therefore, “pips” is the correct term when you’re talking in Forex pip-size units.

Example (Forex trader style):

“Gold went up 150 pips after CPI.”
“My stop loss is 50 pips.”

Why you sometimes hear “points”

Some traders—especially those coming from CFD, indices, or futures backgrounds—use “points” for simplicity:

For them, 1 point = 1.0 price unit.

So a move from 2385 → 2386 is “1 point.”

That’s why you’ll hear:

“Gold dropped 10 points today.”
Meaning $10 move, not 10 pips.

In short:
Context Term 1 move from Means
Forex trader (MT4/MT5) Pip 2385.40 → 2385.41 1 pip = $0.01
CFD/Futures trader Point 2385 → 2386 1 point = $1.00

Bottom line:
If you’re trading XAU/USD on MT4/MT5 (Forex) → say pips.
If you’re watching CFD or futures traders (like on TradingView or prop firm dashboards) → they often say points instead.

Elliott Waves for gold, EURUSD, Cable, USDCHF, .....

Gold has formed a double bottom.

So it's a BUY.
But buy only.

Don't forget the stop-loss.

GOLD is still wave C
Oops. I just learned that gold is still in wave C. Sorry everyone. Newbie in Elliott Wave here.

Zigzag Correction

Wave C usually equals Wave A in length, or sometimes extends to 1.618 × Wave A.
That means:
Minimum target: same length as A
Maximum common target: 1.618 × A
Wave C must go beyond the end of Wave A (it must make a new low if it’s a downward correction).

Typical Fibonacci relationships:
C = A
C = 1.272 × A
C = 1.618 × A
----------------------------------------------------------------------------------------------
Wave A start: $4381.64
Wave A end: $4004.22

So the length of Wave A is
4381.64 − 4004.22 = 377.42

Now, Wave C’s possible end depends on the correction type and its Fibonacci relationship to Wave A.
If it’s a Zigzag (common case)

Wave C ≈ Wave A to 1.618 × Wave A
C target range=4004.22−(377.42×1.0 to 1.618)

Equal A: 4004.22 − 377.42 = 3626.80
1.618 × A: 4004.22 − (377.42 × 1.618 = 610.15) = 3394.07

So Wave C could end around $3627 to $3394.

Elliott Wave C correction

Elliott Wave correction ABC
all time high is $4381.64.
bottom of wave A is $4004.22
top of wave B is $4138.56
Give me all projections of wave C

I asked ChatGPT and this is what it gave me:

Given Data

Wave A: from $4381.64 → $4004.22
→ Wave A length = $4381.64 − $4004.22 = $377.42

Wave B top = $4138.56

So Wave C starts at $4138.56 and typically moves downward.
---------------------------------------------------------------------------------------------------------------------------

This video also confirm that Gold is in wave C

Gold for 10/29/25 and maybe 10/30/25

ASK ChatGPT
Based on the new wave counts, we can ask ChatGPT:

Ask ChatGPT:

In an Elliott Wave downtrend, if
high of (i) of GOLD is $4050.04
low of (i) of GOLD is $3971.34
high of (ii) of GOLD is $4019.39
low of (iii) of GOLD is $3886.78
high of (iv) of GOLD is $3982.21
give me an estimate of (v)

Final Elliott Wave Count?
Yikes. I hope this is the right Elliott Wave counts.
We're running out of resources.

Ask ChatGPT: