Preferred view suggests yellow metal is in wave 5 of ( C ) and after a B wave pull back toward 1332 – 1336, we should see further strength in wave C of 5 toward 1365 – 1370 region to complete wave (( B )) from where the decline should resume. We don’t like selling Gold into red wave B pull back and would wait for confirmation of wave (( B )) high being in place before selling pull backs in yellow metal. Confirmation could be a 5 wave decline from the high of wave (( B )) or pivot at 1319 giving up in our system.
$GC_F (Gold) Wave 5 in progress
Commodities
Get the Elliott Wave Trading Mastery Bundle — Free
100% FreeLearn how to read the markets with more structure using practical guides on:
- Elliott Wave rules and market structure
- Fibonacci levels and price targets
- 3, 7 and 11-swing patterns
- Forex, stocks, ETFs and crypto
- Technical analysis and risk management
Plus, get free market insights, educational emails, and our Chart of the Day to keep building your skills.
Start learning today — no cost, no card required.
Related Articles
Commodities
Gold Next Target at $5,992–$6,627: The Inverse 1.236–1.618 Extension of Wave (IV)
Gold has been one of the clearest examples of why structure should come before headlines....
Blue Box WinsCommodities
Palladium Futures (PA_F) Elliott Wave: Forecasting the Decline From the Equal Legs Zone
Hello traders. In this technical article we’re going to take a quick look at the...
Chart Of The DayCommodities
Elliott Wave Outlook: DAX Nearing Final Wave ((v)) Ahead of a Broader Corrective Phase
The short‑term Elliott Wave outlook for the DAX indicates that the cycle from the July...