Gold (XAUAUD) Mid-term Elliott Wave Analysis

Back in February, we did an article about XAUAUD (Gold vs Australian Dollar) and suggested that Elliott wave cycles were calling for a pull back to hold above 12/3/2015 low for more upside. Instrument made a pull back followed by a new high as expected and in the process has broken above 2011 peaks as well which makes Elliott wave sequence incomplete and bullish against 2013 low with a target between 2220 – 2441. As we know markets don’t move in a straight line so in this video we take a look at how the instrument is likely to reach the mentioned target area and also look at the mid-term structure and highlight an area where we expect buyers to appear for a new high toward 1930 – 1998 to end the cycle from 2013 low or put in a 3 wave bounce at least.

 

 

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