Gold Buyers Should Appear Soon
|Elliott wave view in Gold suggests that rally from August 16, 2018 low ($1160.37) is unfolding as an Elliott Wave Impulse structure. Rally to $1326.53 ended wave (3). Wave (4) pullback is in progress as a double three Elliott Wave structure. Down from $1326.53, wave W ended at $1302.4 and wave X ended at $1318.17. Internal of wave W takes the form of a zigzag Elliott Wave structure. Wave ((a)) of W ended at $1308.40, wave ((b)) of W ended at $1316.9, and wave ((c)) of W ended at $1302.40.
Internal of wave X takes the form of a double three Elliott Wave of a lesser degree. Wave ((w)) of X ended at $1315.63, wave ((x)) of X ended at $1303.4, and wave ((y)) of X ended at $1318.17. Wave Y is proposed to take the form of a zigzag Elliottwave structure where wave ((a)) ended at $1304.90. Near term, while wave ((b)) bounce stays below $1326.53, expect another leg lower to $1288.28 – $1293.98 in wave ((c)). This move lower should also end wave Y of (4). Expect buyers should appear in this area for new high in wave (5) or at least a 3 waves bounce. We do not like selling Gold.
Gold 1 Hour Elliott Wave Chart
Gold Chart Of The Day Video
Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.
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.