Gold's Elliott Wave Forecast: Bullish Waves on the Horizon

Gold has been in wave 4 correction phase since early May, following the completion of an upward surge (impulsive wave 3) at 2068.382. This correction took the form of a zig-zag pattern, and can be subdivided as follows:

Wave A of the larger wave 4 concluded at 1893.060, spanning approximately 2 months.

Subwave B took the shape of a contracting triangle and lasted for roughly 3 months, ending at 1948.034.

It appears that Subwave C has wrapped up at 1815.799, marking the completion of wave 4.

Currently, I anticipate a significant upward movement in the form of a five-wave impulse on this precious metal. My medium-term target for this anticipated uptrend is 2093.078.

Note

On the evening of Sunday, a notable increase in the price of Gold was observed in response to the recent Israel-Hamas war. In the realm of financial analysis, the Elliott Wave principle, which hinges on the underlying dynamics of human psychology, has consistently demonstrated its capacity to align with various economic events throughout history. This trend continues to manifest in the current context.

Historically, it has been well-documented that during periods of armed conflict, the value of Gold tends to experience an upward surge. This observation is in harmony with our ongoing Elliott Wave analysis of the Gold market. Based on our previous analysis, we are currently up by +467pips from our entry price. We anticipate a further rise in the price of this precious metal in the near future.

Cheers!!!

Note

Gold is still delivering our outlook. From our entry price, we are currently well over +650Pips. The pair has proven to be our best pair and best trade of the year so far.
At the moment we are risk-free on Gold.

Note

Hello guys,

Our position on Gold has not changed. We have done over +730Pips move on Gold since this analysis was presented. We still expected further rise.

Note

Congrats guys, we have now done over +1,000pips.

Note

We are currently up by +1,470pips.

Note

After a rally of over +1,800pips, we anticipate a retracement in wave 2 to the 1912.603-1885.523 region.

Note

Finally guys, Our Gold analysis has delivered the price objective giving us 0ver 2,860pips in total.

Trade closed: target reached

Samuel124

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Samuel124

Also on: