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GOLD Elliott Wave Analysis: Bearish Beneath 1230

GOLD 4h

Gold moved to a new swing high recently, to 1260, a leg that which can be considered as a final part of a recovery from 1181. We see move up from 1214 as potential ending diagonal placed in wave (c) that could complete recovery in this week, either at 1260 or 1265. An impulsive downside reaction back beneath 1230 would put bearish price action in play.

GOLD 4h Elliott Wave Analysis

Gold 4-Hour Chart


GOLD 30min

Gold has been very slow lately so we assume that sooner or later market will wake up. From a technical perspective strong reaction could be to the downside as we see recent upward price action in shape of a wedge pattern. It's called an ending diagonal in EW theory that usually occurs ahead of a strong turning point. We however still need impulse down to 1232 to confirm any change in trend.

GOLD 30min Elliott Wave Analysis

Gold 30-Minute Chart

 


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