Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOLD, published in members area of the website. As our members know,we are long in GOLD since September of last year from the weekly blue box. We were keep favoring the long side in GOLD due to overall bullish trend. In the further text we are going to explain the Elliott Wave Pattern and the forecast.
Before we continue, here is quick reminder on how to trade our charts:
- -Red bearish stamp+ blue box = Potential Selling Setup
- -Green bullish stamp+ blue box = Potential Buying Setup
- -Charts with Black stamps are not tradable. 🚫
GOLD Weekly Update 09.17.2022
On the chart below, we can see the commodity is showing 3 waves pull back in the weekly correction. The price reached equal legs area , blue box at 1668.4-1420.66 ( buying zone) . We recommend members to avoid selling the commodity. Strategy was buying the dips at the marked area. We expected buyers to appear at the blue box for the further rally toward new high ideally or for a larger 3 waves bounce at least . Invalidation for the long trades was break of 1.618 fib ext : 1420.6 low. The plan was that once we get a bounce, and the price reaches 50 fibs against the ((B)) peak to make long position risk free (put SL at BE) and take the partial profits.
GOLD Weekly Update 09.17.2022
The commodity found buyers at the Blue Box we are getting good reaction from there. Weekly pull back is counted completed at the 1615.6 low. As a result, members who took long trades in the Blue Box are enjoying profits in Risk Free long positions . If we downgrade the weekly chart we can see that the price is showing impulsive bullish sequences suggesting further extension higher ideally. The commodity still remains buy in dips in 3,7,11 swings.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
