• 366 days Will The ECB Continue To Hike Rates?
  • 366 days Forbes: Aramco Remains Largest Company In The Middle East
  • 368 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 768 days Could Crypto Overtake Traditional Investment?
  • 773 days Americans Still Quitting Jobs At Record Pace
  • 775 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 778 days Is The Dollar Too Strong?
  • 778 days Big Tech Disappoints Investors on Earnings Calls
  • 779 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 780 days China Is Quietly Trying To Distance Itself From Russia
  • 781 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 785 days Crypto Investors Won Big In 2021
  • 785 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 786 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 788 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 789 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 792 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 793 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 793 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 795 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Market Report: Elliott Wave Analysis of Gold

Extract taken from this weekend's analysis.


 

Gold

With the decline seen this past week it makes the move from $1526.30 a 3 wave move, so whilst price is under $1641, the option is that prices will see under $1526 and likely to test the lower support band between $1460-80.

Unless this pushes back above $1641, the bears are still in control of all the time frames except the daily picture, so the bears have a clear control point short term which is at $1641.

Gold
Larger Image

The one issue the bulls have is the RSI is suggesting the trend is still in check from last year's high, so whilst price remains under the RSI trend line, it's not doing the bulls any favors.

A strong break above the RSI trend line and then a strong break above $1650 then onwards above $1680 would be something that the bears need to take seriously.

Gold
Larger Image


Bull Elliott Wave Count

Long term the idea of a large wave 4 pullback is very much in check, and there is nowhere near enough price action to discount this move being other than a corrective pullback in the cycle from the year 1999 and eventually see a move towards $2000 for wave 5.

It's a choppy decline, its time wasting, it's doing virtually everything it should for a nasty 4th wave, yet it's not even reached a normal fibbo target around the 38.2% of wave 3.

Gold
Larger Image

If you are looking to follow our Gold ideas, come and join us with a 4 week free trial you have nothing to lose.

Until next time,

Have a profitable week ahead.

 

Back to homepage

Leave a comment

Leave a comment