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Elliott Wave Analysis: Gold and Silver Eye More Upside

  • Precious metals are trading higher.
  • GOLD eyes higher above 1836.
  • Silver looks to move more upside.

Gold is trying to make higher highs and higher swing lows since the end of September, but the structure is very overlapping so the whole price action since the start of September can be a triangle in B) with more upside to come after completion. We think that metal will see a continuation above 1836.

Gold 4h Elliott Wave analysis

Silver is nicely recovering in the 4-hour chart, with an extended leg from 22.16 up to 24.83 resistance so we see this as wave 3 as this one is normally the strongest leg. As such, we think that bottom is forming on silver and that more upsides will come after any pullbacks. Keep in mind that on a daily chart we also see a breakout of a big wedge pattern. Support on a next deep can be around 23.50-23.90.

Silver 4h Elliott Wave analysis

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