fxs_header_sponsor_anchor

Analysis

Elliott wave view: Is gold bottom in place? [Video]

Since bottoming on December 1, 2020 low at $1764., Gold has steadily risen. Short Term Elliott Wave View suggests the rally from December 14, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. In the 45 minutes chart below, we can see wave 1 of this impulse ended at $1906.74 and dips in wave 2 ended at $1855.55. Up from there, wave ((i)) ended at $1900.56 as 5 waves impulse in lesser degree. Dips in wave ((ii)) ended at $1893.90. Gold then rallied higher again in wave ((iii)) which ended $1943.80, then wave ((iv)) pullback ended at $1928.80.

Final leg wave ((v)) ended at $1955.32 and this completed wave 3 in higher degree. Wave 4 pullback is now in progress to correct cycle from December 21 low before the rally resumes. Potential target for wave 4 is 23.6 – 38.2% Fibonacci retracement of wave 3 which comes at $1916 – $1931. From this area, Gold may find support and resume higher again. As far as December 21 low pivot at $1855.55 low remains intact, expect dips to find support in 3, 7, or 11 swing for more upside.

XAU/USD 45 Minutes Elliott Wave Chart

Gold (XAU/USD) Elliott Wave Video

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.