• 2 days Ireland Balks At Biden’s Global Tax Plan
  • 4 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 8 days Facial Recognition Is Watching You
  • 9 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 9 days The Fed’s $3 Trillion Headache
  • 12 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 13 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 13 days Delta Variant Real Threat To Economic Recovery
  • 17 days JEDI Drama Continues With Microsoft Contract Cut
  • 19 days DiDi Shares Take a Beating From Chinese Regulators
  • 19 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 20 days Jobs Report Has Big Numbers, But Still Big Problems
  • 20 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 24 days Didi Just Went Public, And Uber Is Loving It
  • 24 days Islamic Finance On Track To Hit $3.7 Trillion
  • 26 days The Lumber Bubble Is Bursting
  • 29 days A New Entry In The Two Trillion Dollar Club
  • 30 days 3 Upcoming IPOs To Watch As IPO Market Rebounds
  • 31 days Welcome To The Used Car Bonanza
  • 32 days The Year Of The Retail Investor Keeps Getting Bigger
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

Contact Author

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: GOLD Trading Within A Complex Correction

On the daily chart of gold we see a bullish pattern; a five waves up from November 2015 low followed by a turn down from 1375 that we believe is going to be a corrective move because of overlaps. Based on latest price data we are tracking a double zigzag now that can be headed towards the 1180 area where buyers will try to cause a turn. Technically speaking we see this market in bullish mode as long as 1046 is not taken out.

GOLD, Daily

Daily Gold Chart

Regarding the 4h chart, we see Gold moving sharply lower, away from 1337 swing high where market found a top of wave X that belongs to a big complex decline on a daily chart. So we are tracking a double zigzag which should see more weakness after black wave B bounce. As we see on the 4h chart, the first wave A could be now finished as market unfolded five minor sub-waves within it, and as of recent intra-day bounce higher we believe that wave B could be in motion.

As we know the Elliott Wave theory suggests that after every five wave development, a three wave contra trend reaction will follow, so in our case we now expect a temporary three wave rise in black wave B, that will ideally find some resistance and a turning point lower around the previous wave 4 at 1215-1231 level.

GOLD, 4H

Gold 4-Hour Chart

 


Interested in our services? Then visit our homepage at www.ew-forecast.com and take a glace at some of our charts. You can even subscribe to our Twitter account -> @ewforecast

 

Back to homepage

Leave a comment

Leave a comment