• 1 day America's Semiconductor Shortage Is Just Getting Started
  • 1 day America's Semiconductor Shortage Is Just Getting Started
  • 4 days The EU Begins Backtracking On China Trade
  • 5 days Americans Are Sick Of Unfair Taxation
  • 7 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 9 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 10 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 11 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 13 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 14 days The New Economic World Order After Covid-19
  • 18 days 3 Signals To Watch For A Stock Market Correction
  • 20 days Netflix Earnings Red Alert: Subscriptions Could Underwhelm
  • 21 days Wall Street Banks Are Back
  • 21 days Elon Musk’s SpaceX Scores Big Win Over Jeff Bezos’ Blue Origin
  • 22 days Which Country Is The World’s Largest Investor In Batteries?
  • 24 days Are Bitcoin’s Environmental Risks Overblown?
  • 24 days Why The Gold Rush Ran Out Of Steam
  • 27 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 27 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 28 days The Pandemic Has Culled The Middle Class
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: GOLD Reaching For 1330/1340

Gold bounced sharply this month from 1200 area where we see a completed corrective wave II, which can be labeled as a flat or even as a W-X-Y, but in both cases it was a complex correction within uptrend that is now ready to continue. We see current leg up impulsive on lower time frames so it appears that metal is underway to new highs of the year up to 1330-1340 minimum upward projections, but it may go much higher if we consider the wave structure on a weekly chart.

GOLD, Daily

Daily Gold Chart

On the lower time frame, Gold bounced sharply to the upside this month after USD turned lower across the board following bad NFP figures last week. Price action is very strong from the low and now already around 1311, at new highs of the year, so this could be an an important evidence of a new bullish run. That said, we will now expect more gains after any pullback, which will likely be wave 4 that may show up after current black wave 3 reaches 1320-1330 projected area as shown on the updated count.

GOLD, 4H

Gold 4-Hour Chart

 


Interested in our services ? We have a Special Offer : Get First 2 Months For The Price Of 1!! Grab the opportunity now at www.ew-forecast.com

Back to homepage

Leave a comment

Leave a comment