fxs_header_sponsor_anchor

Analysis

Gold Elliott Wave technical analysis [Video]

Gold Elliott Wave analysis

It appears the current Gold pullback is completed and the commodity could be set to continue the all-time bullish trend to a fresh record high. From the Elliott wave theory perspective, Gold is expected to rally further to 2800 and beyond before the next pullback starts.

Daily chart analysis

On the daily chart, Gold completed the cycle degree wave II in October 2023 at 1810. Thus, the current bullish cycle can be traced to that date. Currently, the price is in wave ((iii)) of 5 of (3) of ((3)) of III. This indicates that Gold still has the potential to rally another 30-50% from the current price. Thus, buyers should be interested in buying pullbacks.

Four-hour chart analysis

On the H4 chart, the price is in wave (iv) of ((iii)) which appears to have finished or may do a double zigzag if the current bounce from 2701 is corrective. A zigzag structure has been completed and the next price action will determine whether recovery for wave (v) of ((iii)) will happen or wave (iv) will drop lower in a double zigzag structure. Whichever is the case, Gold is expected to continue to the upside to complete wave ((iii)) before the next pullback in ((iv)) starts.

Gold Elliott Wave technical analysis [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.