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Elliott Wave View: Further Downside to End Gold Correction

September 29, 2020 By EWFHendra

Elliott Wave view of Gold (XAUUSD) suggests the decline from September 1 high is unfolding in impulsive Elliott Wave structure. Down from September 1 high, wave ((i)) ended at $1915.8, and bounce in wave ((ii)) ended at $1973.59. Down from there, wave (i) ended at $1931.90, wave (ii) ended at $1960.14, wave (iii) ended at $1881.87, wave (iv) ended at $1920.02, and wave (v) ended at $1847.90. This completed wave ((iii)) in higher degree. Wave ((iv)) bounce is proposed complete at $1887.29 as a Flat where wave (a) ended at $1877.03, wave (b) ended at $1848.45, and wave (c) ended at $1887.29.

Near term, while below $1973.50, the yellow metal has scope for another low in wave ((v)) of 3, then it should bounce in wave 4 to correct cycle from September 1 high before the decline resumes again in wave 5 of (C) of ((4)). As far as pivot at $1973.50 high stays intact, Gold still can see further downside . Potential target lower is 100% – 123.6% Fibonacci extension from August 7 high which comes at $1752 – $1802. Buyers should be waiting in this area, if reached, for a larger 3 waves bounce at minimum.

Gold (XAUUSD) 60 Minutes Elliott Wave Chart

Gold (XAUUSD) Elliott Wave Video

Generational Buying Opportunity in Gold and Silver?

September 12, 2020 By EWFHendra

On Saturday, September 12, 2020 we at Elliott Wave Forecast hosted a Free Seminar. The topic of the seminar was ” Generational Buying Opportunity in Gold and Silver?”. We analyze and talk about the outlook of Gold, Silver, and Miners.

In the seminar, we explain why the break to all time high in precious metal against US Dollar is likely not a terminal move and much more upside can be expected in years to come. We also explain why Silver has potential of even more upside due to Gold to Silver Ratio pulling back from all-time high.

Gold Monthly Elliott Wave Outlook

The monthly chart of the precious metal above suggests more upside expected to reach at least $2970 – $3428 area in coming years. This target is based on the 100% extension from all-time low. It’s also the most conservative target assuming a zigzag structure from the all-time low. The rally can see a lot more than this target area if it becomes an impulse.

Watch the Free Webinar recording below to check our view on the precious metal sectors in coming years. Check to see why we think we think it’s a great opportunity to be in the precious metal sectors now.

Generational Buying Opportunity in Gold and Silver? 9.12.2020 Video

Learn more about our service with a Free 14 Day Trial and Learn how to trade the market with our trading method. We hope you liked this Webinar

Elliott Wave View: Further Correction in Gold Still Possible

September 4, 2020 By EWF Hardianto

Gold 1 hour chart below shows that the metal has ended the cycle from August 18 high in wave 1 at 1911.20 low. From there, the metal then bounced higher and ended wave 2 at 1994.06 high. The bounce unfolded as flat Elliott Wave Structure. From wave 1 low, wave ((a)) ended at 1962.18 high. Wave ((b)) then ended at 1902.30 low. The metal then extended higher in wave ((c)), which ended at 1994.06 high. This ended wave 2 in larger degree.

Down from wave 2 high, the metal has resumed lower in wave ((i)), which ended at 1921.66 low. The subdivision of wave ((i)) unfolded as 5 waves impulsive Elliott Wave Structure. Wave (i) ended at 1955.70 low and the bounce in wave (ii) ended at 1967.45 low. Wave (iii) then ended at 1926.80 low and wave (iv) ended at 1945.94 high. The push lower in wave (v) ended at 1921.66 low. Currently, wave ((ii)) is in progress. While below 1994.06 high, expect bounce in 3,7 or 11 swings to fail for more downside. However, gold needs to break below August 12 low to confirm that next leg lower has started. If that low is broken, then the target to the downside is the 100% extension from August 7 high at 1800 level.

Gold 1 Hour Elliott Wave Chart

Gold Elliott Wave Video

Elliott Wave View: Gold Miners (GDX) Ready to Resume Higher

August 18, 2020 By EWF Hardianto

GDX 45 minutes chart below shows that the stock has ended the cycle from June 5 low as wave (3). The rally ended at 45.78 high. From there, the stock did a pullback in wave (4), which unfolded as a zigzag Elliott Wave Structure. Down from August 5 high, wave A ended at 42.25 low. The bounce in wave B ended at 44.18 high. Afterwards, the stock resumed lower in wave C, which ended at 38.82 low. This ended wave (4) in larger degree.

Afterwards, the stock has resumed higher from wave (4) low. Up from that low, the stock ended wave ((i)) at 40.69 high. Wave ((ii)) pullback ended at 39.05 low. Currently wave ((iii)) is in progress, where wave (i) of ((iii)) ended at 41.03 high and wave (ii) ended at 39.72 low. As long as pivot at 38.82 low stays intact, the dips in 3,7 or 11 swings is expected to find support for more upside. However, the stock still needs to break above wave (3) high at 45.78 to confirm that wave (4) is already in place and the next leg higher in wave (5) has started. Otherwise, the stock can still do a double correction in wave (4).