Elliott Wave Analysis: GOLD Sets Up a Very Bullish Wave Structure
Current wave [B] – Long to 1550
My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside.
Short term wave count: Upside from 1120~, target 1500
Long term wave count: Topping in wave (B) at 1500
Important risk events: USD: Unemployment Claims, Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q.
The Bullish wave count in GOLD held up well today with another higher low
formed in a possible wave 2 pink.
The price has again rallied off that short term low and is up over $10 this evening, staying above the wave (i) blue high, which is a good sign.
If the current wave
count is correct, then we have a series of 1,2 waves complete at three
degrees of trend.
Wave (i) and (ii) blue,
Waves 'i' and 'ii' brown,
and waves 1 and 2 pink.
This points to an acceleration phase dead ahead in wave (iii) blue.
A break of resistance at 1220, will cement the larger bullish outlook,
That is for a continued rally into the upper target of 1500.
One step at a time though!