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Gold Elliott Wave Analysis

Gold is recovering from the pullback that started in late February. The commodity may be set to break the February high as the dollar sees more downside

Gold daily chart analysis

Gold is in an all-time bullish trend and has not yet reached the peak. Thus, buyers will continue to take advantage from pullbacks to push for higher prices. The next target will be the prices around 3,000. Perhaps that price level might act as a psychological resistance level leading to a significant pullback in the coming days/weeks. 

The daily chart shows the wave supercycle degree wave (II) ending in December 2015 where wave (III) started. The wave ((5)) of I of (III) started in September 2022. This is to show that wave I of (III) has not yet finished. Thus, there is still more to the upside for the buyers to exploit. In the lower degrees, price is yet to conclude wave (3) of ((5)) as the daily chart shows. Wave (3) will most likely push above 3,000.

Gold H4 Chart Analysis

The H4 chart shows price in (v) of (iii) of 5 of (3) from late February low. Alternatively, the current recovery could be for wave ((v)) of 5 of (3). These two support further rallies in the short term to 3,000 or prices around it. The next pullback will be for wave ((iv)) of 5 of (3) or (4). Whatever the case, it should present fresh opportunities for buyers.

Technical Analyst : Sanmi Adeagbo

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