Gold Is Eyeing 2800 Area

Jan 28

Gold remains in a strong intraday five-wave bullish impulse and the recent intraday three-wave a-b-c decline indicates for wave 4 correction that stopped perfectly at the former wave "iv" swing low and 38,2% Fibonacci retracement, which is a textbook pattern by Elliott wave theory. With the current bounce, be aware of a bullish resumption within wave 5 that can send the price towards 2800 area, especially if breaks above intraday channel resistance line.

Jan 31

Trade closed: target reached

Gold came nicely into projected 2800 area and there can be room for slightly more gains within that 5th wave to complete a lower degree impulse, but now that is trading in final stages of wave 5, be aware of a new slowdown soon.