Elliott Wave update
Following up from the last update, gold is hovering close to 2355. Are bulls eyeing this level? Indeed, the 2350-2355 zone was a strong demand area, pushing the yellow metal to all the levels mentioned and even surpassing 2425, making a new all-time high at 2522 before dropping back to the 2400 levels on Monday, August 5, 2024.
With the trading week about to end tomorrow, August 9, 2024, are bulls aiming for new or similar highs close to 2500?
Case of ending diagonal
Key Characteristics:
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Wave Structure: Consists of five waves, labeled 1-2-3-4-5.
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Overlap: Waves 1 and 4 often overlap, which is unusual for impulse waves.
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Subdivisions: Each wave within the ending diagonal typically subdivides into three smaller waves (a-b-c).
Current position
Gold is currently in Wave 5 upside and has the potential to touch similar or new highs beyond 2522, holding above the key 2450 level.
Note: Once these 5 waves are completed, a trend reversal can be seen.
The information provided by WaveTalks is for educational and informational purposes only. We are not responsible for any investment decisions made based on our analysis. Trading and investing involve substantial risk, and you should consult your financial advisor before making any investment decisions.
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