The GraniteShares Gold Trust ( NYSEARCA: BAR ) is one of the lowest-cost, physically-backed gold ETFs on the market. Gold price keeps rising into new all time highs as demand for physicals shining metals surges, therefore, we’ll be looking at the weekly Elliott Wave structure within the cycle.
BAR is currently showing an impulsive 3 waves move into new all-time highs which we consider as an incomplete bullish sequence missing 2 more swings before ending the entire cycle. Wave I peak was in 2020 and it did a 3 waves pullback in wave II into our buying Blue Box area $16.53 – $14.05. The ETF rallied from there within a new impulsive structure and it’s already showing 5 waves advance within the cycle from 2022 low.
In addition, BAR reached the target area for wave III around the Fibonacci extension area $27 – $30.4, as a result, it will be looking for a correction to take place in wave IV after ending the current cycle which can still extend if it erases the weekly divergence and closes above $30.47.
In conclusion, GraniteShares Gold Trust ( BAR ) remains bullish within all time frames and we expect it to continue the rally to the upside. Consequently, we don’t recommend selling the ETF and we only favor buying the next pullback in 3, 7 or 11 swings when it happens.
BAR Weekly Chart 2.20.2025
The following video offers a technical outlook based on BAR Elliott Wave Weekly cycle :
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