• 12 hours Bezos’ Next Big Project Could Be Worth $100 Billion Per Year
  • 14 hours 3,600 Years Later, Climate Change Turns Mammoths Into $40M Market
  • 18 hours Tesla, Apple Claim China Is Stealing Intellectual Property
  • 20 hours EV Giants Duke It Out For Battery Dominance
  • 2 days Tech Billionaire Takes Aim At Google
  • 2 days Chinese Police Bust Largest Ever Illicit Crypto Mining Operation
  • 2 days Expect A Pullback Before Gold's Next Major Rally
  • 2 days Why Interest On Gold Matters
  • 3 days Ten Extravagant Food Items For The Wealthy Only
  • 3 days Why Saudi Arabia Won't Give Up On The Aramco IPO
  • 4 days $32 Million Crypto Heist Halts Tokyo Exchange
  • 4 days Is A Gold Selloff Looming?
  • 5 days Central Banks Are Stashing Gold And Dumping Treasuries
  • 5 days Three Cannabis Trends Flying Under Investors’ Radars
  • 6 days $1.3 Billion In Cocaine Found On JPMorgan Vessel
  • 6 days Amazon Teams Up With Lady Gaga To Win Over Generation Z
  • 6 days Dollar Falls As Powell Teases Rate Cuts
  • 6 days Will The World's First Trillion Dollar Company Ever Bounce Back?
  • 7 days Many Americans Will Never Stop Working
  • 7 days Mozilla vs DarkMatter: The Cyber Espionage End Game
Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Commodities
  3. Other

Elliott wave Analysis: Gold renew the Path to $1450

Elliott wave Analysis: Gold renew the Path to $1450

Gold Short-term Elliott Wave view suggests that the decline from January 25.2017 high (1365.96) to February 08.2018 low ended Minor wave X at 1306.96 low. After reaching the 100%-123.6% Fibonacci extension area of ((w))-((x)) at 1306.70-1297.49 area. When internals in Minor wave X unfolded as Elliott Wave Double Three Structure, where each leg had an internal distribution of 3-3-3 lower. Down from 1365.96 peak, Minute wave ((w)) ended 1327.24 low, Minute wave ((x)) ended at 1345.96 and Minute wave ((y)) of X ended on 1306.96 low.

Above from Minor wave X 1306.96 low, metal is expected to resume higher the rally in Minor wave Y higher targeting more upside in the metal towards 1450+ area to the upside. However, a break above 1365.96 high remains to be seen for final confirmation of next extension higher and until than double correction lower in Minor wave X dip can’t be ruled out yet. Near-term cycle from 1306.96 is expected to be unfolding as Elliott Wave Zigzag pattern and expected to see more upside towards 1365.67 area approximately to end the Minute wave ((a)) higher in 5 waves. Afterwards, metal should do a pullback in Minute wave ((b)) for the correction against 1306.96 cycle in 3, 7 or 11 swings before further upside extension is seen in the metal. We don’t like selling it and as far as a pivot from 1306.96 low remains intact during the dips yellow metal is expected to see more upside.

Gold 1 Hour Elliott Wave Chart

By Elliot Wave Forecast

Back to homepage

Leave a comment

Leave a comment