Intraday Elliott Wave view on Gold (XAU/USD) looking to resume bullish trend [Video]
|Short term Elliott Wave view in Gold (XAU/USD) suggests that rally to 2685.58 ended wave 3. The metal then did a pullback in wave 4 with internal subdivision as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 2654.68 and wave (b) rally ended at 2677.86. The metal extended lower in wave (c) towards 2643.02 which completed wave ((w)). Rally in wave ((x)) ended at 2665.99 and the metal has extended lower again.
Down from wave ((x)), wave (w) ended at 2634.3 and wave (x) rally ended at 2644.20. Wave (y) lower ended at 2624.52 which completed wave ((y)) of 4 in higher degree. The metal has turned higher in wave 5, but it still needs to break above wave 3 at 2685.58 to rule out a double correction. Up from wave 4, wave ((i)) ended at 2673.14. Down from there, wave (a) ended at 2643.65 and wave (b) ended at 2662.92. Wave (c) lower ended at 2637.26 which completed wave ((ii)) in higher degree. The metal has resumed higher in wave ((iii)). Near term, while above 2624.5, expect pullback to find buyers in 3, 7, 11 swing for further upside.
Gold (XAU/USD) 30 minutes Elliott Wave chart
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.