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Elliott Wave Analysis of GoldHello Friends
Welcome to our Elliott Wave analysis of the Gold chart! This analysis helps us make sense of Gold's price movements by spotting repeating patterns. Think of it like finding familiar footprints in the sand.
Imagine Gold's price as a series of waves. Elliott Wave theory suggests that these waves repeat in predictable patterns. We'll be looking for five main waves within an overall trend and smaller waves in between.
The goal is to figure out where Gold might be in its current wave pattern. This can give us clues about whether the price might go up or down in upcoming days.
Remember, no analysis is a crystal ball. While Elliott Wave can be helpful, it's just one piece of the puzzle. Market news and events also matter.
By understanding these wave patterns, we aim to predict potential future movements in Gold's price. So, let's ride the waves of analysis and see what they might tell us about Gold's journey ahead.
Overall it looks little down first, then little big contra trend upside near $ 1910 or more, and then again down continuation towards $1820 - $1850 might be.
I am not Sebi registered analyst. My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
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Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Gold trend is up slightly at the beginning of next week⚡️At the end of the week, spot gold XAU/USD recovered slightly to $1,890, but it remains poised for a 1% weekly drop, the fourth consecutive weekly drop. The metal appears to be consolidating losses after seeing the red for the previous four days and also bullish on risk aversion as the market worries about the health of the Chinese economy.
⚡️The bulls are trying to recover but are still deep in the negative zone. With an ascending slope below its midline, the Relative Strength Index (RSI) shows the possibility of increased buying pressure, while the Moving Averages Convergence (MACD) shows middle red bars count.
Support levels: $1,870, $1,850, $1,830
Resistances: $1,900, $1,906
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