HomeContributorsTechnical AnalysisElliott Wave View: Gold Bullish Against 1306.8

Elliott Wave View: Gold Bullish Against 1306.8

Short Term Elliott Wave view in Gold suggests the decline to $1306.8 ended Intermediate wave (X). However, the yellow metal needs to break above Intermediate wave (W) at $1366.06 to rule out the possibility of a double correction in wave (X). Up from $1306.8, the rally is proposed to be unfolding as a double three Elliott Wave structure where Minute wave (w))) ended at $1357.12 and Minute wave ((x)) is proposed complete at $1320.60. Near term, while pullbacks stay above there, and more importantly above $1306.8, expect Gold to extend higher. We don’t like selling the yellow metal. If Gold breaks below $1306.8, then the yellow metal is doing a double correction in Intermediate wave (X) and opens extension lower towards $1228.27 – $1302.28 where buyers should appear for at least a 3 waves bounce.

Gold 1 Hour Elliott Wave Chart

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading