• 5 hours The Politics Of A Pandemic
  • 23 hours Gold Is Still A Safe Haven, But Not Very Alluring
  • 1 day What Does CHina’s EV Slowdown Mean For The Battery Metals Sector?
  • 2 days COVID Report Cards Will Brand Businesses Forever
  • 2 days Trump Tweet Sends Oil Soaring 25%
  • 3 days Why The Coronavirus Economic Crash Is Worse Than You Think
  • 3 days Is A Global Currency Necessary?
  • 4 days America Has Shed 500,000 Millionaires Since The Coronavirus Lockdown Began
  • 4 days Trump Wants Another $2 Trillion Economic Intervention
  • 5 days The Surprising Businesses Deemed “Essential” During The Coronavirus Lockdown
  • 5 days Priceless Van Gogh "Spring Garden" Painting Stolen
  • 5 days Oil Falls To $20 For First Time In Nearly Two Decades
  • 5 days COVID-19 Could Be The End Of U.S. Coal
  • 6 days How Much Does Your Social Security Number Cost? $4 On The Dark Web
  • 7 days Silver Stocks Have Been Decimated In The Coronavirus Sell-Off
  • 8 days How Blockchain Tech Could Make Mergers And Acquisitions More Efficient
  • 8 days America’s Shortage Of This Metal Keeps Trump Up At Night
  • 9 days Bidet Bonanza: Defying The Toilet Paper Shortage
  • 9 days U.S. Auto Sales Fall By 75%
  • 10 days Violating Quarantine? Big Brother Is Watching
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

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…

  1. Home
  2. Markets
  3. Other

Gold - The Hated Metal is About to Shine

GOLD

Current wave [B] – Long to 1550

30 min chart:

Gold 30-Minute Chart
Larger Image


4 Hours chart:

Gold 4-Hour Chart
Larger Image


Daily chart:

Gold Daily Chart
Larger Image

My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside in a large (B) wave.
Short term wave count: Upside from 1120~, target 1550
Long term wave count: Topping in wave (B) at 1550
Important risk events today: USD: Unemployment Claims, Crude Oil Inventories.

Gold entered a corrective holding pattern today, and has remained off yesterdays 1149 high.

The 1150 low at wave 'i' blue is the bearish invalidation line.

If we get an advance through that level, it could signal the bear market is over, as the price would have crossed up above the low at wave 1 blue, that action would rule out the bearish alternative and set the market up for the coming rally.

For the moment I am still expecting one last decline in wave 5 blue, to complete a larger structure.

With the minimum target at 1122 and the lower end support at 1103.

This market is oversold at many degrees of trend right now, and the daily sentiment index, compiled by trade-futures.com, now shows a degree of bearishness not seen since the low labelled wave (A) on the daily chart.

The technical, Elliott wave and sentiment setup have now created the perfect conditions for a very large rally in Gold.

All we need now, is the rally itself!

 

Back to homepage

Leave a comment

Leave a comment