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Elliott Wave View: Gold Should Remain Supported

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Elliott wave view in Gold suggests that the decline to $1269.30 low ended intermediate wave (2) pullback. Above from there, the metal is nesting higher in an impulse structure looking for more upside within intermediate wave (3). While Minor wave 1 unfolded in lesser degree 5 waves structure where Minute wave ((i)) ended at $1275.31. Minute wave ((ii)) ended at $1272.20 low. Then Minute wave ((iii)) ended at $1287.30 high. Minute wave ((iv)) ended at $1280.50 low and Minute wave ((v)) ended at $1287.40 high.

Down from there, wave 2 unfolded as a zigzag structure where Minute wave ((a)) ended at $1275.90 low. Minute wave ((b)) ended at $1285.80 high and Minute wave ((c)) 2 ended at $1274.79 low. Up from there, Minor wave 3 of (3) remains in progress in another 5 waves structure initially looking for a marginal push higher towards $1292.79-$1297.06, which is the 100%-123.6% Fibonacci extension area of Minor wave 1-2 to end Minute wave ((i)) of 3. Afterward, metal is expected to do a pullback in Minute wave ((ii)) of 3, in 3, 7 or 11 swings against $1274.79 low before more upside can be seen. We dont like selling it as the right side tag is bullish & calling for more upside.

Gold 1 Hour Elliott Wave Chart

Elliott Wave View: Gold Should Remain Supported

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About the author  (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.

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