GOLD on bullish micro correction to 1902 before 1750 decline?
Hello friends, this is the first time of sharing my ideas with you on this account and will like you to share your sincere opinion with me. I have been using the Elliott wave theory for over 5 years now. I suspect that the current bearish phase on Gold is not yet over. We might therefore see a decline to 1750 in the medium-term. However, the current bullish correction from 1849 might flash toward 1902 or maybe a bit higher.
From the chart, it's clear that the bearish correction that started in early August around 2074 is evolving into a double zigzag. The first leg of the pattern completed at 1487 and the second leg at 1966 which was driven by a bearish USD as a result of a Biden lead during the US election and vote counting earlier this month. The minor crash from there was driven by Pfizer and Moderna covid vaccines optimism. I believe the bid for Gold and other safe-haven will drop throughout this quarter. Thus, Gold has the potential to complete the second leg, wave y (circled in red) of the corrective phase. However, wave (b) (in blue) to 1902 could give short-term traders a bullish opportunity to 1902-1905 at least before wave (c) (in blue) decline.
Please follow this thread as I will share the updates with you as more price data comes in. Meanwhile, like and comment below. Thank You.
From the chart, it's clear that the bearish correction that started in early August around 2074 is evolving into a double zigzag. The first leg of the pattern completed at 1487 and the second leg at 1966 which was driven by a bearish USD as a result of a Biden lead during the US election and vote counting earlier this month. The minor crash from there was driven by Pfizer and Moderna covid vaccines optimism. I believe the bid for Gold and other safe-haven will drop throughout this quarter. Thus, Gold has the potential to complete the second leg, wave y (circled in red) of the corrective phase. However, wave (b) (in blue) to 1902 could give short-term traders a bullish opportunity to 1902-1905 at least before wave (c) (in blue) decline.
Please follow this thread as I will share the updates with you as more price data comes in. Meanwhile, like and comment below. Thank You.
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