Hi Traders,
GOLD should perfom a short rally to 1238-1244 to complete wave 4 (1-hour chart) and then resume its way down to reach the last low of the year around the area 1212-1179 (1-hour chart).
If it doesn't breakout the support at 1179 a new uptrend should start to 1400 as a minimum.
TARGETS:
first: a short rally to 1238-1244
then: a new low around the area 1212-1179
after that, new uptrend to:
likely: 1400
possibly: 1475
maybe: area 1522-1530
ELLIOTT WAVES:
The daily chart shows that the small wave 5 (bottom right in green) is not complete. Once it's completed the new up trend should start.
NOTE:
If the small wave 5 moves well below the support at 1179 (1-hour chart) the new uptrend should not take place. Instead, the downtrend might continue to 1012 and lower.
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
GOLD should perfom a short rally to 1238-1244 to complete wave 4 (1-hour chart) and then resume its way down to reach the last low of the year around the area 1212-1179 (1-hour chart).
If it doesn't breakout the support at 1179 a new uptrend should start to 1400 as a minimum.
TARGETS:
first: a short rally to 1238-1244
then: a new low around the area 1212-1179
after that, new uptrend to:
likely: 1400
possibly: 1475
maybe: area 1522-1530
ELLIOTT WAVES:
The daily chart shows that the small wave 5 (bottom right in green) is not complete. Once it's completed the new up trend should start.
NOTE:
If the small wave 5 moves well below the support at 1179 (1-hour chart) the new uptrend should not take place. Instead, the downtrend might continue to 1012 and lower.
weekly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over the daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over the 4-hour chart - click to enlarge
1-hour chart - click to enlarge
wave oscillator over the 1-hour chart - click to enlarge
