Gold - The Hated Metal is About to Shine

By: Enda Glynn | Thu, Dec 29, 2016
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GOLD

Current wave [B] – Long to 1550

30 min chart:

Gold 30-Minute Chart
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4 Hours chart:

Gold 4-Hour Chart
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Daily chart:

Gold Daily Chart
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My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside in a large (B) wave.
Short term wave count: Upside from 1120~, target 1550
Long term wave count: Topping in wave (B) at 1550
Important risk events today: USD: Unemployment Claims, Crude Oil Inventories.

Gold entered a corrective holding pattern today, and has remained off yesterdays 1149 high.

The 1150 low at wave 'i' blue is the bearish invalidation line.

If we get an advance through that level, it could signal the bear market is over, as the price would have crossed up above the low at wave 1 blue, that action would rule out the bearish alternative and set the market up for the coming rally.

For the moment I am still expecting one last decline in wave 5 blue, to complete a larger structure.

With the minimum target at 1122 and the lower end support at 1103.

This market is oversold at many degrees of trend right now, and the daily sentiment index, compiled by trade-futures.com, now shows a degree of bearishness not seen since the low labelled wave (A) on the daily chart.

The technical, Elliott wave and sentiment setup have now created the perfect conditions for a very large rally in Gold.

All we need now, is the rally itself!

 


 

Enda Glynn

Author: Enda Glynn

Enda Glynn
bullwaves.com

Enda Glynn

I class myself as an Elliott wave trader now, but that's not how I started out though! It took me a long time and a whole lot of pain, to finally understand what drives the price and how to use Elliott Wave correctly!

I have been trading for years and I have tested every trading system and strategy under the sun! I used to pick entry points at random based on emotion or news events or something I heard on TV! It did not take long to destroy my capital! I have blown out my account balance before, and I had to start again,

from scratch!

Believe me, I am well acquainted with failure in trading! Im sure that the above scenario is pretty familiar to you too. We have all been there. About 10 years ago I discovered The Elliott wave Principle and its method of market analysis. Since then, I have spent years learning, testing and trading, using the wave principle as the backbone of my analysis. I even went to college to study macroeconomics and econometrics. I graduated with honours degree back in 2012. The financial market knowledge and statistical edge I gained after my degree added another level to my trading. The difference in my trading approach using the wave principle, compared to before, is like night and day.

The price started to move "my way" more and more often. The wave model, offers me a lens to view market action through, which no other form of analysis can do. Elliott wave analysis, helps me answer four key questions when I am contemplating a trade:

• What direction the price is trending.
• How far is this trend likely to go.
• Where can I enter a trade with the best risk reward ratio.
• And most importantly, at what point am I definitely wrong?!

The wave principle helps me improve my trade entry, tighten up my money management and in turn increase profitability. Seeing the waves unfold before your eyes is a very rewarding experience, It is almost like peering into the future! That is how the wave principle helps my trading, and that is why the wave principle will improve your trading. It took a long time to finally master Elliott Wave Principle. After over a decade of hard work, research and learning I can call myself an expert in the field. I regularly contribute to major trading communities at FXStreet, Forex Factory, Traders Planet. I am a chief Elliott Wave analyst at HumbleTraders.

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