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.Break of August 13th peak made cycle from the 08/01 low( 1399.56) incomplete to the upside. Consequently GOLD is bullish against the 1492.49 low in first degree and against 1479.3 low in second degree. We advised members to avoid selling GOLD and keep buying the dips in the sequences of 3,7,or 11 swings whenever opportunity presented itself. In further text we’re going to explain Elliott wave Forecast and trading strategy.
GOLD 1 Hour Elliott Wave Analysis 8.26.2019
As the main trend is bullish we expect Commodity to find buyers in 3,7,11 swings for further rally or 3 waves bounce alternatively. GOLD has given us short term pull back -labeled as wave ((ii)) black. The price reached equal legs area 1526.78-1516.08 ( buying zone). At this stage we are calling pull back completed and would like to see further separation higher. As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
GOLD 1 Hour Elliott Wave Analysis 8.28.2019
Current short term low 1524.88 held nicely and we got further separation higher. The price has made decent bounce. As a result members are now enjoying profits in risk free positions. We would like to see break of 08/26 peak to confirm next leg up is in progress. Until proposed break happens double cannot be ruled out. If not already long and risk free, we don’t recommend buying the dips against the 1524.88 short term low. Strategy is waiting for break above 08/26 – wave((ii)) peak, before buying short term dips again or alternatively if buying the dips at the extremes against the 1492.16 low if 1524.88 gets broken.
GOLD 1 Hour Elliott Wave Analysis 8.30.2019
The commodity took alternative path. 1524.88 low got broken and we are still correcting the short term cycle from the 1518.31 low. As of right now pull back looks incomplete, missing another leg down toward 1518.31-1498.58 ( 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.
GOLD 1 Hour Elliott Wave Analysis 9.2.2019
GOLD made leg down and the price reached (a)-(b) equal legs area at 1518.2. Buyers appeared right at the blue box and the price is already showing reaction from there.The bounce has already reached 50 fibs against the (b) blue high. So members who took long positions from the blue box should be already risk free.
It’s crucial to fully understand our official trading strategy: how to trade equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.
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.
Elliott Wave Forecast
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