rounded corner
rounded corner
top border

$XAUUSD (Gold) : Why $1450 should happen


Bookmark and Share

$XAUUSD (Gold) : Why $1450 should happen

Gold has been trending higher since making the lows at 12.3.2015. From $1046.54 low, Gold rallied in 3 waves into the 7.6.2016 peak ($1375.15) and then pullback in 3 waves into the low at 12.15.2016 ($1122.81). Cycle from 12.15.2016 low has a 4 hour Bullish sequence as the yellow metal shows 5 swing sequence with a target of $1450.00. As far as Gold stays below below 7.6.2016 peak ($1375.15), there are various possible Elliott wave structures which can form.

$XAUUSD Gold Daily Sequence

Gold Bullish 5 swing sequence

However, we at Elliottwave-Forecat.com use The One Market concept to forecast the best path by looking at related instrument. In this case, we are looking at $GDX which is Gold Miners ETF. This instrument is very well correlated with $XAUUSD. GDX is doing a WXY structure from 2.2017 and reaching an area between the $20.75 $19.61 in which 4 degrees of Blue Boxes should be seen. This area is a strong support for at least 3 waves bounce. Consequently, that bounce will support $XAUUSD (Gold) to rally.

$GDX Daily Elliott wave count

As we can see in the charts and video below, The One Market only concept is eliminating some possibilities in $XAUUSD. It leads us to follow the most aggressive path in the yellow metal which is going to $1450, as far as pullbacks remain above the 12.12.2017 low ($1236.66). The market cannot be forecasted only by using The Elliott wave Theory and tools like One Market concepts and extreme areas are needed to provide a better forecast. In Conclusion, we believe $1450 should happen based in the sequences since 12.15.2016 low and the bounce in GDX. Therefore, buying the dips in Gold is the right side.

Video explaing the relationship between $XAUUSD and $GDX



Recent articles from this author



About the author


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 thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Published by Barchart
Home  •  Charts & Quotes  •  Commentary  •  Authors  •  Education  •  Broker Search  •  Trading Tools  •  Help  •  Contact  •  Advertise With Us  •  Commodities
Markets: Currencies  •   Energies  •   Financials  •   Grains  •   Indices  •   Meats  •   Metals  •   Softs

The information contained on InsideFutures.com is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Barchart.com. Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. InsideFutures.com is not a broker, nor does it have an affiliation with any broker.


Copyright ©2005-2018 InsideFutures.com, a Barchart.com product. All rights reserved.

About Us  •   Sitemap  •   Legal  •   Privacy Statement