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GOLD Elliott Wave Analysis: Correction Within Downtrend

Gold has been trading higher since start of January but recovery is slow and overlapping within a trading channel which we think it's a corrective move. We are tracking wave 4 that can be part of an expanding diagonal in wave 5) down. If that is the case then current rally should stop somewhere around 1280-1300 region. Break of 1230 will confirm weakness for wave 5 of 5) going towards 1100/50.

GOLD Daily Elliott Wave Analysis

GOLD Daily Elliott Wave Analysis Chart


GOLD Four Hour

Gold found a support in the last few trading days at the lower side of a corrective channel, at 1237 where we see a completed three wave decline from the top, now labeled as wave (b). As such, we suspect that new highs are underway with wave (c) that may complete a second zigzag around 1280.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart


GOLD One Hour

GOLD is still trapped between 1231 bearish and 1270 bullish zone, but because of only three wave fall from 1278 we expect a continuation higher, back to the highs; ideally from current levels while 1239 holds.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

 


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