Gold roars higher on lower US yields
Gold markets powered higher overnight after a dovish Jerome Powell and poor US Initial Jobless Claims sent both US yields and the US Dollar lower. Gold rose 1.05% to $1755.50 an ounce, although it has retreated modestly to $1753.50 an ounce in Asia on profit-taking flows.
Gold is now poised to test its 50.0% Fibonacci at $1760.00 an ounce, which is also a multi-week pivot point. A daily close above that level tonight signals that the 50.0/61.80% Fibonacci retracement box has held and that a longer-term low in gold prices is now in place. All things being equal, that should signal further gains above $1800.00 an ounce next week.
Gold Elliott Wave analysis [Video]
Overview: Trading two Elliott Wave counts that can change the driection of the current trend.
Elliott Wave Gold: Wave i) or Wave (c) of iv) in progress.
Gold Trading Strategy: Waiting for Setups - See video.
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