E Gold And Copper Look To Move Higher

  • USD trades lower ahead of Jackson Hole
  • Gold eyes on 1776-1760 support
  • Copper seems bullish

We have some interesting developments and structures that are pointing lower USD, but if you are willing to play this game, then keep in mind that there is a weekend risk, due to Jackson Hole Symposium and potential new attacks in Afghanistan.

Wire, Copper, Electric, Stop, Closeup, Metal, Recycling

Image Source: Pixabay

Metals are bullish on intraday charts, especially Gold after that impulse through on August. However, there can be a deeper pullback coming back to 1776-1760 support when looking at incomplete substructures on an hourly time frame.

Gold 1h Elliott Wave Analysis Chart

GOLD Elliott Wave Analysis

From an Elliott Wave perspective, Copper also remains in an uptrend, suggesting more gains.

Copper 4h Elliott Wave Analysis Chart

Copper

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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Comments

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William K. 3 weeks ago Member's comment

Copper is already priced almost out of sight. That impacts the cost of electricl construction BIG TIME.

So the fed bankers are getting their wish granted and inflation is running rampant.  And now they talk about "reducing the accelleration" a bit. No talk at all about stopping the inflation push.

It would benefit the rest of the world if the feds realized that their friends in the financial sector are only a small part of reality.