Elliott Wave View: Gold Should Extend Higher [Video]
|Gold shows an incomplete sequence from August 16, 2018 low favoring further upside. Near term, pullback to 1385.34 ended wave (4). The yellow metal has resumed higher in wave (5). Internal of wave (5) is unfolding as a 5 waves impulse Elliott Wave structure. Up from 1385.34, wave 1 ended at 1427.16 and wave 2 pullback ended at 1399.70. Internal of wave 1 unfolded also as an impulse in lesser degree. Wave ((i)) of 1 ended at 1400.03, and wave ((ii)) of 1 pullback ended at 1389.82. Rally then resumed in wave ((iii)) of 1 towards 1420.76, wave ((iv)) of 1 ended at 1418.7, and wave ((v)) of 1 ended at 1427.16
Wave 2 pullback ended at 1399.70 as a zigzag Elliott Wave structure. Wave ((a)) of 2 ended at 1400.56, wave ((b)) of 2 ended at 1419.75, and wave ((c)) of 2 ended at 1399.70. Gold has now resumed higher in wave 3 of (5). Up from 1399.70, wave ((i)) of 3 ended at 1430.08. Expect wave ((ii)) of 3 dips to find support in 3, 7, or 11 swing as far as pivot at 1385.34 stays intact. We don’t like selling the yellow metal.
Gold 1 Hour Elliott Wave Chart
Gold 1 hour Elliott Wave Video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.