Gold: Fifth wave in progress
|Gold finally broke to the upside yesterday, moving sharply through the 2529 level and out of the consolidation we've been tracking in wave four for the last two weeks. So far, we’re seeing a nice extension to the upside, which suggests that wave five is in progress. However, it should be subdivided into five sub-waves before we can call an end to the uptrend. Ideally, we’ll see another leg higher after the next fourth- subwave retracement, with 2590 to 2600 as the next upside projection and potentially strong resistance for the entire fifth wave.
If you're looking to join the trend here, keep in mind that it might be a bit late, especially since moves out of a triangle are final in a higher degree sequnce, and that market is ready to turn, when least expected.
Drop back below 2529 will signal for a top.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
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.