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

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

GOLD Short-Term Elliott Wave Analysis

Gold is proposed to be doing a ((w))-((x))-((y)) Elliott wave structure 1224 (4/6) high. Wave ((w)) ended at 1183.60, wave ((x)) completed at 1209.09 and wave ((y)) lower is proposed to be in progress. We need to see a break below 1183.60 (4/14) low to add more conviction to this view as that would make it 5 swings down from 1224 high and open an extension lower.

1184 - 1178 seems to be the ideal area to complete 5th swing i.e. wave (w) of ((y)) before we get a bounce in wave (x) and lower again toward 1168 - 1159 area to complete 7 swing Elliott wave cycle lower from 4/6 (1224) peak. If wave (w) ends at 1184, then 1197 - 1200 would be 50 - 61.8 fib area for completion of wave (x). We don't like buying the metal in proposed (x) wave bounce. Worth mentioning that failure to break below 1183.60 may lead to further consolidation in the form of a triangle or even a double correction in wave ((x)).

SPX Elliott Wave Analysis Chart
Larger Image

 


If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.

 

Back to homepage

Leave a comment

Leave a comment