Hi Traders,
Gold (now at 1329) reacted to the news of new stimulus measures from China and seems to be heading to the area 1366-1383.
TARGETS
likely: area 1366-1383 then the downtrend should resume.
ELLIOTT WAVES
If this analysis is correct, this should be a temporary uptrend as it represents the "retracement wave 4" on our weekly and daily charts. "Retracement wave 4" will be followed by the very last downtrend (wave 5) with a minimum target of 1176.
weekly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over 4-hour chart - click to enlarge
Gold (now at 1329) reacted to the news of new stimulus measures from China and seems to be heading to the area 1366-1383.
TARGETS
likely: area 1366-1383 then the downtrend should resume.
ELLIOTT WAVES
If this analysis is correct, this should be a temporary uptrend as it represents the "retracement wave 4" on our weekly and daily charts. "Retracement wave 4" will be followed by the very last downtrend (wave 5) with a minimum target of 1176.
weekly chart - click to enlarge
daily chart - click to enlarge
wave oscillator over daily chart - click to enlarge
4-hour chart - click to enlarge
wave oscillator over 4-hour chart - click to enlarge
