Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOLD ( $XAUUSD ), published in members area of the website. As our members know, GOLD was showing incomplete sequences in the short term cycle from the 02/24 peak. The price structure was suggesting another leg down toward 1596.48-1556.78 Blue Box ( buyers area ) to complete proposed February cycle. In further text we’re going to explain Elliott Wave Forecast.
GOLD 4 Hour Elliott Wave Analysis 2.28.2020
As we can see on the chart below, GOLD (XAUUSD) is doing wave (4) pull back against the 1535.65 low. The commodity remains bullish against the 1535.6 pivot and we expect to see further rally once wave 4 completes. At this moment pull back looks incomplete and we expect more short term weakness to complete wave (4) pull back.
GOLD 1 Hour Elliott Wave Analysis 2.28.2020
The commodity is showing lower low sequences within the cycle from the 02/24 peak. Break of 02/25 low- W red, made the commodity bearish against the 1660.6 high. Now, as far as that pivot holds, GOLD has scope to make extension down toward Blue Box : 1696.48-1556.78 area. We expect buyers to appear there for a 3 waves bounce at least. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
GOLD 1 Hour Elliott Wave Analysis 3.05.2020
GOLD resumed trading lower. Eventually it reached the target. The price found buyers right at the blue box area, when cycle from the peak ended at the 1563.2 low . We got nice rally so far. New short term cycle from the 1563.2 low looks like it’s unfolding as 5 waves structure. Current view suggests once we complete 5 wave up, 3 waves pull back should ideally correct cycle from the 1563.2 low.
Note: Some labels have been removed in order to protect client’s privileges. Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. 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.
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