"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 21 mins Kenya: The Blockchain Capital Of Africa
  • 1 hour Can Anyone Compete With Netflix?
  • 2 hours Can Europe Beat U.S. Sanctions on Iran?
  • 3 hours U.S.-China Trade War “On Hold”
  • 5 hours Experts vs Investors: Who Has It Right?
  • 7 hours The Wild World Of Celebrity Endorsed ICOs
  • 23 hours The Five Most Important Market Indicators
  • 2 days Ethereum Blockchain Tops Bitcoin's In Latest Study
  • 3 days Is Gold Only For Long-Term Investors?
  • 3 days Record Refinancing Points At Next Big Housing Bubble
  • 3 days Bitcoin Forks Explained
  • 3 days PayPal’s Latest Acquisition Has Competitors On Edge
  • 3 days The Royal Wedding Could Bring Billions Into The UK
  • 3 days Goldman’s Crypto Trading Desk Is Just The Beginning
  • 4 days The Five Most Important Blockchain Trends In 2018
  • 4 days Walmart’s E-Commerce Rebound Fails To Boost Stock Price
  • 4 days Japan Threatens U.S. With $400M In Tariffs
  • 4 days Are Markets Showing Signs of A Topping Pattern?
  • 4 days Goldman: Tesla May Need To Raise $10B By 2020
  • 4 days The ‘Wolf of Wall Street’ Is A Multi-Million-Dollar Deadbeat
PayPal’s Latest Acquisition Has Competitors On Edge

PayPal’s Latest Acquisition Has Competitors On Edge

PayPal’s latest acquisition allows the…

3 Tech Stocks With Real Upside

3 Tech Stocks With Real Upside

The stock market rally has…

The Five Most Important Market Indicators

The Five Most Important Market Indicators

Stock markets can be overwhelming…

Elliott Wave Analysis: GOLD Sets Up a Very Bullish Wave Structure

GOLD

Current wave [B] – Long to 1550


30 min

Gold 30-Minute Chart
Larger Image


4 Hours

Gold 4-Hour Chart
Larger Image


Daily

Gold Daily Chart
Larger Image

My Bias: Long towards 1550
Wave Structure: ZigZag correction to the upside.
Short term wave count: Upside from 1120~, target 1500
Long term wave count: Topping in wave (B) at 1500
Important risk events: USD: Unemployment Claims, Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q.

The Bullish wave count in GOLD held up well today with another higher low formed in a possible wave 2 pink.
The price has again rallied off that short term low and is up over $10 this evening, staying above the wave (i) blue high, which is a good sign.

If the current wave count is correct, then we have a series of 1,2 waves complete at three degrees of trend.
Wave (i) and (ii) blue,
Waves 'i' and 'ii' brown,
and waves 1 and 2 pink.

This points to an acceleration phase dead ahead in wave (iii) blue.
A break of resistance at 1220, will cement the larger bullish outlook,
That is for a continued rally into the upper target of 1500.
One step at a time though!

 

Back to homepage

Leave a comment

Leave a comment