Gold Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Gold Elliott Wave analysis

Gold is trading around a fresh record high as global uncertainty regarding the ongoing trade between the US and other countries has attracted more bids to the yellow metal. Aside from the trade conflict, the Elliott wave already predicted an all-time bullish trend to continue to 3200-3500 from the lows of the 2-year bearish cycle that finished in October 2022.

Gold daily chart analysis

Gold is in an all-time bullish trend. The trend continued after the commodity completed the 2-year pullback from September 2011 where it had reached the previous record high. Since this high was breached in July 2020, prices have not looked back as fresh highs have been recorded multiple times in the space of a few months, weeks and days.

From the Elliott wave perspective, the supercycle degree wave (II) finished in December 2015 from the top of the wave (I) of the same degree in September 2011. Wave (III) has progressed strongly from the lows of December 2015 and is now in the final stage of wave ((5)) of I of (III). A big pullback for wave II should follow. However, the daily chart shows the price completed wave (4) of ((5)) of I and has started wave (5) of ((5)). However, it appears wave (5) has not been concluded yet.

Gold four-hour chart analysis

The H4 chart shows wave ((5)) starting from the low of April 2024, However, an impulse structure is in the last stage. This impulse structure could either finish wave (5) of ((5)) of I or wave 1 of (5). In either case, a pullback may not be far away. Traders should continue to wait for pullbacks to finish and then buy again.

Gold Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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