TRENDING:

XAU/USD

Silver

Triangle trap – Gold’s next move Elliott Wave analysis

Abhishek H. Singh WaveTalks

Gold's range since April 2024

Upside: 2455.
Lower side: 2285.

Gold has been in a big range, doing a series of connecting waves, narrowing down like a tightened coil. Once coil unfolds in near future post completing Wave-E of the proposed Triangular Structure, next move could be sharp on either side of the critical zones discussed.

Irregular triangle

Wave-B: Surpassed highs of 2448 (starting point for Wave-A).
New highs: 2454 (slightly above Wave-A).

This falls into the category of an irregular structure where Wave-B surpasses Wave-A.

Higher lows

Rising lows can provide comfort to Bulls until it holds above 2285.

Wave-A bottomed: 2285.
Probable wave-C completed: 2304 (June 7, 2024).
Recent bounce: 2304 (June 26, 2024).
Key resistance level: 2401 USD (as of July 5, 2024).

Assuming Wave-D is completed, we have a key resistance at 2401.

Falling in wave-E - triangle trap

The fall has been sharp from the highs of 2401 (assuming Wave-D completed) on the first trading day of the week (July 8-12, 2024), looking to be a corrective fall taking support at 2355 USD (minor support level).

Where are we currently (9th July 2024)

Currently, Gold is within unfolding Wave-E of the structure & completed the first lower degree wave Ⓐ at 2356 lows & unfolding wave Ⓑ now & later wave Ⓒ

Zone one (Shown in red)

Short-term range: 2355 to 2385.

Zone two (Shown in green)

Short-term minor support zone: 2305 to 2325.

Move looks to be range-bound, holding the minor support level of 2355 (marked as wave Ⓐ) and can have a bullish bias towards the minor resistance level of 2385. Breaching the zone of 2350 / 2355, the minor support zone of 2305-2325 on the downside will open up.

Key support and resistance zones

Key & critical support zone: 2285-2305.
Key resistance zone: 2400-2410.
Critical resistance zone: 2448-2455.

Any move either side of the key & critical zones could be sharp moves & has to be reviewed once we get further price inputs.

Conclusion

Waiting for Wave-E to complete in the sideways move in which Gold has been trapped since April 2024.

Wave-E could take 1-2 weeks.

Catch me in the next episode of WaveTalks. Have a great week ahead.

Author

Abhishek H. Singh

WaveTalks

Abhishek is a seasoned financial analyst with over a decade of experience specializing in Elliott Wave Theory.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.