Elliott Wave Forecast Team
ElliottWave-Forecast.com
(XAUUSD ) commodity , published in members area of the website. As many of our members are aware, we’ve seen significant gains in GOLD over the past few years. Since September 2022, we’ve maintained long positions in GOLD. The commodity hit our buying zone and completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll delve into the Elliott Wave pattern and our trading setup for further insight.
Gold weekly update 06.10.2024
The commodity is currently in a corrective cycle from the 1041.6 low. The pullback has already reached the extreme zone (Blue Box). At this stage, we advise against selling GOLD and expect that it will soon attract buyers in the Blue Box zone. We could either see a rally to new highs or a larger corrective bounce in at least three waves. Once the bounce reaches the 50% Fibonacci retracement level against the connector high Black (B), we will safeguard our position by moving the stop-loss to breakeven. To further secure our trade, we will closely monitor for any break below the invalidation level of 1420.66.
A quick reminder:
Our charts are designed for simplicity and ease of trading:
- Red bearish stamp + blue box = Selling Setup
- Green bullish stamp + blue box = Buying Setup
- Charts with Black stamps are deemed non-tradable.
Gold weekly update 06.10.2024
The commodity responded exactly as anticipated at the Blue Box Area, attracting buyers and initiating a substantial rally from our recommended buying zone. GOLD completed its pullback at the 1615 low and has since continued to attract buyers, pushing toward new highs. With impressive gains exceeding 45% from our entry point, traders who followed our long positions are now enjoying secure profits.
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