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Elliott wave Analysis: Gold and Silver Updates


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Good evening traders!

Gold can be trading in a three-wave drop. We can see that a nice five-wave drop unfolded away from 1300 high as black wave a and later a minor rally as in corrective wave b followed. That said, currently we see price again making a clear five-wave fall, with price trading at the start of minor leg 5 of c. Price can reach area around the lower channel line and near the Fibonacci ratio of 100.0, before a three-wave bullish rally can take over. A breach above former swing high at 1269 would indicate a completed wave c.

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Gold, 1h

gold, intra

Silver is also trading in a bearish pattern, but here we see a five-wave decline underway, with price trading at the end of wave five. Current wave five already unfolded five minor waves, which can now suggest a reversal to follow, ideally from around the 15.80 region, where Fibonacci ratio of 61.8 can offer support. Both metals are looking for a potential low, which means market really may look temporarily higher for a minor three-wave move. On gold we are even more confident, as we see an ucovered gap, meaning this gap can get cover in days to come.

Silver, 1h

silver, 1h

Disclosure: Please be informed that information we provide is NOT atrading recommendation or investment advice. All our work is for educational purposes only.



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About the author


Grega Horvat

 

 

  • Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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