• 9 hours The Biggest Loser In The China-U.S. Tariff Tit-For-Tat
  • 1 day Trade War Takes Its Toll On Shipping
  • 3 days Is $90 Oil Possible? An Interview With Jay Park
  • 4 days Billions Of Dollars Are Flooding Into The Flying Taxi Space
  • 4 days Is This The Most Important Energy Project Of 2020?
  • 5 days Startups Are Dying To Give You A Better Death
  • 5 days U.S. Restaurants Are Struggling With Rising Labor Costs
  • 6 days The Banking Bonanza Is Just Getting Started
  • 6 days How The Trade War Ceasefire Will Impact The Energy Industry
  • 7 days Who Is The Most Dangerous Person On The Internet?
  • 7 days SoftBank Sees First Quarterly Loss In 14 Years
  • 9 days Prepare For An Oil Glut In 2020
  • 10 days Why A Strong Yuan Is A Promising Sign For The Trade War
  • 11 days What Would You Sacrifice For A Debt-Free Life?
  • 11 days Shareholders Urge Major Bank To Stop Funding Fossil Fuel Companies
  • 11 days Tariffs Are Causing A Slowdown In U.S. Manufacturing
  • 12 days The Great Silicon Valley Migration Has Begun
  • 12 days 3 Oil Stocks Paying Out Promising Dividends In 2020
  • 13 days How Fractional Trading Is Democratizing the Stock Markets
  • 13 days Why Smart Money Is Looking To Short Aramco
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  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