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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

 


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