GOLD - Eyes on The Price With This One As Metal Pushes Higher

Jul 11, 2019

Good day fellow traders!

Daily time frame: Gold can be unfolding a higher degree wave C), as part of a bigger A)-B)-C) structure, out of a previous triangle correction. Wave C) is an impulse and may unfold five-waves to the upside, before resistance for wave C) may be seen, and a change in trend may follow. At the moment sub-wave IV of C) can be unfolding, and can look for support near the 14000 psychological region.

4h time frame: Sideways price activity on gold from 1439 region can be a possible triangle correction in the making as part of an uptrend, and can look for support near the Fibonacci ratio of 23.6 (1390/1400 region). A later rally in impulsive fashion (clear, five legs), and above the upper triangle line would suggest a completed consolidation, and more upside.

Projection target for the fifth wave can be around 1460/1470 area.

Have a great day everyone!

Jul 19, 2019

Note

Gold nicely breaking our of a triangle in wave IV. Ideally we will see 1470/1485 region next week.

Trade well!

Aug 8, 2019

Note

Gold being super busy with new gains... However some resistance can follow, as we are tracking final stages of a five-wave move! Eyes open, and be careful.

Trade well,

The EW-Forecast team