(Elliott Wave Forecast Team)
In this article, we’re going to take a quick look at the Elliott Wave charts of GOLD, published in the member’s area of the website. As our members know, we have been favoring the long side in the commodity since the September of 2022. We recommended members avoid selling, while keep favoring the long side. Recently we got 3 waves to pull back that have reached our buying zone. In the further text, we are going to explain the Elliott Wave Forecast and trading strategy.
Gold Elliott Wave 1 hour chart 1.28.2023
The current view suggests cycle from the 1726.4 low is still in progress as 5 waves structure. Currently, GOLD is doing wave ((iv)) pullback. The price structure of the pullback looks incomplete, it shows lower low sequences. So far we can count only 5 swings down from the peak. If we assume the 6th swing is completed, we could be doing now last push down – the 7th swing toward the marked zone. Consequently, we expect to get more short-term weakness toward the 1903.98-1884.74 area which would be our next buying zone. We don’t recommend selling the commodity against the main bullish trend. The strategy is waiting for the price to reach the blue box- equal legs zone, before entering the long trades again. Once the bounce reaches 50 Fibs against the (x) blue high, we will make a long position risk-free ( put SL at BE) and take partial profits. Invalidation for the long trades is a break of 1.618 fib ext: 1884.7
Gold Elliott Wave 1 hour chart 1.31.2023
GOLD made the 7th swing down and reached buying zone at 1903.98-1884.74 ( blue box) as expected. The commodity found buyers in the Blue Box zone and we are getting a good reaction from there. The price reached and exceeded 50 fibs against the (x) blue connector. So, members who took the long trade are enjoying profits now in risk-free positions. We would like to see the break above ((iii)) black peak to confirm next leg up is in progress.
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