Gold Elliott Wave View: Showing Impulsive Decline
|Gold higher time frame cycles suggest that cycle from 8/16/2018 low ended 5 waves advance on February 20, 2019, at $1346.75 high. Since then, Gold is going lower in an impulse manner as the decline is unfolding as Elliott wave zigzag structure. It’s important to note that the cycle from 2/20/2019 peak remains incomplete to the downside therefore, further downside is expected. Looking for more downside towards $1258.18-1242.45 100%-123.6% Fibonacci extension area of Minor A-B before finding support.
The internals of wave C is unfolding as ending diagonal structure where wave ((i)) ended at $1280.70. Wave ((ii)) ended at $1310.60 high, wave ((iii)) ended at $1266.10 low and wave ((iv)) ended with an overlap in wave ((i)) at $1288.87 high. Down from there, the decline can be nesting lower as impulse structure where Minutte wave (i) ended at $1277.90. Minutte wave (ii) ended at $1287.26 high and now Minutte wave (iii) taking place looking for more downside.
Or another possibility is that, if it manages to take out $1272.70 Subminutte wave i, then it can be ending 5 waves decline from 4/26/2019 peak ( $1288.87) in Minutte wave (i). Then 3 wave bounce can take place against $1288.87 high in Minutte wave (ii) before further downside take place. We do not like buying Gold in the shorter cycle and still favor more downside as far as pivot at $1288.87 remains intact.
Gold 1 Hour Elliott Wave Chart
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.