Elliott Wave View: Gold preparing for next Bullish Leg [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Elliott Wave view in Gold (XAUUSD) suggests the rally from March 31, 2021 low ended wave (1) at 1916.53. Pullback in wave (2) ended at 1855.10 as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 1891.70 and bounce in wave B ended at 1909.69. Final leg wave C of (2) ended at 1855.10 as a 5 waves impulse. The metal has turned higher in wave (3) as an impulse structure.

Up from wave (2) low, wave (i) ended at 1870.91, and pullback in wave (ii) ended at 1864.30. The metal resumes higher in wave (iii) towards 1903.34 and pullback in wave (iv) ended at 1888.60. Final leg higher in wave (v) ended at 1903.76 and this completed wave ((i)) in higher degree. Pullback in wave ((ii)) is proposed complete at 1869.60 as a zigzag. Down from wave ((i)), wave (a) ended at 1882.80, wave (b) ended at 1898.92, and wave (c) ended at 1869.60. Gold has started to turn higher in wave ((iii)). Near term, as far as pivot at 1855.10 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

Gold (XAUUSD) 45 Minutes Elliott Wave Chart

XAUUSD Elliott Wave Video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD clings to daily gains, still below 1.1900

EUR/USD manages to reverse two daily pullbacks in a row and advances modestly on Thursday, hovering around the 1.1880 zone amid the inconclusive price action around the US Dollar. Meanwhile, weekly Initial Claims rose more than expected last week, while attention is expected to shift to the upcoming US CPI data on Friday.

GBP/USD picks up pace, hits 1.3640

GBP/USD trades with modest gains around 1.3640 so far on Thursday. Indeed, Cable looks to leave behind the weakness seen in the first half of the week in a context of an equally erratic performance in the Greenback and disappoting UK data releases.

Gold retreats from February highs, holds above $5,000

Gold corrects lower after touching a fresh February-high above $5,100 but manages to hold comfortably above $5,000. The positive shift seen in risk mood limits the safe-haven precious metal's strength, while the trading action remains choppy ahead of Friday's key US inflation data.

LayerZero Price Forecast: ZRO steadies as markets digest Zero blockchain announcement

LayerZero (ZRO) trades above $2.00 at press time on Thursday, holding steady after a 17% rebound the previous day, which aligned with the public announcement of the Zero blockchain and Cathie Wood joining the advisory board.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.