Elliott Waves: Gold touches important support, but more weakness after rally

Gregor Horvat Wavetraders

Gold is stabilizing around 2546, a level from mid-September when the Fed decided to cut rates. Back then, we saw some volatile moves in gold before it eventually found an upward direction, so this level is currently quite significant, and t’s not surprising to see an ongoing intraday recovery here, though this could still be just a wave four rally. There’s potential for gold to move higher toward resistance around 2605 to 2620, which could be the next interesting zone for a potential new sell-off.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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