Gold Projections Using Elliot Wave TheoryHello Traders
Here I present to you my wave count on Gold.
Gold has been on a steady rise since August completing a full impulse wave cycle and now starting a corrective wave cycle.
The last NFP figure falling short at 155K instead of the forecast at 198K alongside with falling wage growth at 0.2% gave way to further upside for Gold. Also the end of the interest rate hike cycle is fueling a more risk averse market sentiment that is pushing Gold prices to an overbought RSI territory. The overbought indication is also reflected on the past two days price action with the bullish momentum stalling @1251.00 price point.
In this particular setup I am looking to position short at the corrective wave at point B @1240.00 and trade the last wave until we reach point C @1220 that falls on the prevailing trend line.
Alternatively we can position around @1220 level to get an entry in case price finds support on said trend line and ride the next uptrend impulse on the long side.
Trade safe, Trade well.
