Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOLD . As our members know GOLD has incomplete bullish sequences within August 2018 cycle. When the price broke 02/20 peak, GOLD became bullish against the 1265.92 low. Since then we favor the long side. Consequently, we advised members to avoid selling the pair and keep buying the dips in the sequences of 3,7,or 11 swings whenever there is a chance. In the following article, we’re going to explain the Elliott Wave structure and Trading Strategy.
GOLD 1 Hour Elliott Wave Analysis 6.29.2019
GOLD is giving us short term pull back -wave 4 red. As of right now we’re calling pull back incomplete, Gold forecasting another leg down toward 1384.00-1374.43 ( buyers area). We don’t recommend selling GOLD at this stage and favor the long side – buying the dips at the blue box area if it gets reached. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. The main trend is bullish and we expect to see reaction in 3 waves up from the blue box at least.
GOLD 1 Hour Elliott Wave Analysis 7.2.2019
GOLD made leg down and the price reached 1384.00-1374.4 area. Buyers appeared right at the blue box and the price is already showing reaction from there. We changed the labeling to ZIG ZAG, as it fits better with the current price action. At this stage we are calling wave (4) completed at 1381.2 low. However, we would like to see further separation from that low to get confirmation GOLD completed 3 waves down. Anyway members are already long from equal legs 1384 area. Invalidation of the long trade is break below 1.618 fib ext:1358.93. As soon as the bounce reaches 50 fibs against the ((x)) high -1424.29, we will make long positions risk free and let the profit run.
GOLD 1 Hour Elliott Wave Analysis 7.2.2019
1381.24 low held nicely and we got further separation from that level. At this moment the price already reached 50 fibs against the B red peak. We are getting rally and as a result members are now enjoying profits in risk free positions. We would like to see break of 06/25 peak to confirm next leg up is in progress.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
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