While Gold has bounced from the lows of the Fall, the upside move hasn't come in an Impulsive Wave which signals alternative options from my perspective. Based on the rules and guidelines of the science, its probable that XAUUSD slips and retests the support level below $1700 in the weeks ahead.
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The volume looks like poo. The Money Flow Indicator is also treading at the heights of what's considered 'overbought' typically.Trade active
topside wave miscounted. price will not be able to hang around at these levels much longer. downside target remains within the yellow horizontals.Note
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Big drop not invalidated nor can it be escaped. Bulls seem to have more upside coming than previously expected.Note
If Gold has now reached its top target, the most common, minimal drop level is currently at $1715 according to Elliott Wave guidelines.Shorts are active.
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Still must watch out for this downward action being that of a Wave 4 correction. 30M and 1H RSIs don't seem quite ready to make a big drop as of yet.Note
still calibrating...Note
Bulls not make much of any strong move from here but it seems they will hold price between 1880 and 1905 until the start of next week's session.Note
if bulls can't break above the red line, bears will feast for weeks.$1730 likely to get seen.
Trade active
The bigger picture of what I expect to see for Gold in 2023 remains largely the same despite a few micro level invalidations. Will make for some fun swing trading. This will likely be my last update for this post. Surf well.Note
Trade active
.....le sigh.continually misreading something within the micro waves. will just focus on the bigger picture here.
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The never ending pump....Note
Gold is determined to test the boundaries of both my patience and analytical stamina. Definitely the most volatile ticker of all (maybe besides Bitcoin on a good day).1906 should be due before 1940 comes in.
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Let's try this again. Gold should break down majorly if it fails to break above the red line...Still mega bearish until 1730s is tested.
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Proper analysis is a continual and laborious process but he rewards are always sweet. I say that to say, my expectations for Gold have literally not changed over the past few weeks, despite a stubborn push by buyers.Note
Downside target sits between 1651 and 1715. More likely targets are between 1710 and 1715. Bears not done. Big bulls sit lower.
Decode the wave, anticipate the move. elliottwavescience.com
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Decode the wave, anticipate the move. elliottwavescience.com
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.