Hi Traders,
Gold (now at 1327.70) has completed an a-b-c-d-e on the weekly chart and another a-b-c-d-e on the 4-hour chart. The commodity is heading towards the area 1488 and 1560.
TARGETS
likely: area 1370-1374.
possibly: 1414
maybe: 1488 and 1560
NOTE:
If Gold reverses around the resistance at 1488, the whole configuration of Elliott Waves might need to be re-assessed.
ELLIOTT WAVES
If this analysis is correct we just witnessed the end of the retracement wave 2 (in the daily chart) which stopped right on the 50% of wave 1.
The subsequent "wave 3" should attain 1488-1560
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
1-hour chart - click to enlarge
Gold (now at 1327.70) has completed an a-b-c-d-e on the weekly chart and another a-b-c-d-e on the 4-hour chart. The commodity is heading towards the area 1488 and 1560.
TARGETS
likely: area 1370-1374.
possibly: 1414
maybe: 1488 and 1560
NOTE:
If Gold reverses around the resistance at 1488, the whole configuration of Elliott Waves might need to be re-assessed.
ELLIOTT WAVES
If this analysis is correct we just witnessed the end of the retracement wave 2 (in the daily chart) which stopped right on the 50% of wave 1.
The subsequent "wave 3" should attain 1488-1560
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
1-hour chart - click to enlarge
wave oscillator over 1-hour chart - click to enlarge
