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GOLD Elliott Wave Analysis: Approaching Resistance

GOLD broke to a new swing high, which can be wave (v) in C as shown at the updated wave count. We see prices hitting first resistance area around 1352 from where price may turn down if at the same time RSI resistance line will not be breached. Generally speaking divergence on the RSI and fifth wave up in (c) signal a coming reversal on metal; we are just waiting on impulsive sell-off back to 1320 to confirm bearish waves.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart


GOLD One Hour

Gold is reversing down again after recent five wave rally from 1319 with termination point at 1354. Current weakness came in after earlier Russia-Ukraine news. Decline has some impulsive qualities so looks like price is heading lower towards unfilled gap. A complete five wave fall from the top will put intraday trend on Gold in bearish mode.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

 


Written by www.ew-forecast.com
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