E Gold May Break Higher

  • Gold rose to its highest level in 3 months
  • The market is on Risk-On mode ahead of Fed Speakers
  • Gold needs to break Elliott Wave channel resistance for bullish continuation
  • 1870 level may pause Gold move for correction

Gold is trading higher to its highest level in more than three months and stocks are also trading higher indicates market is back in risk-on mode ahead of Fed speakers this week on Wednesday. We should pay attention on to see if there is anything new to fight inflation.

As per Elliott Wave analysis Gold made a nice recovery recently after we noticed a completed correction in wave IV). However, we still have to see a rise above channel resistance line to completely confirm a bullish continuation for wave 5), otherwise it could be still trading in a complex correction downward correction.

Gold Daily Elliott Wave Analysis Chart

GOLD Elliott Wave

On the intraday chart Gold XAU/USD is breaking sharply higher in an impulsive wave structures and unfolding wave 5 of 3). Gold may slow down around 1870 level for minor correction before making new high.

Gold 4h Elliott Wave Analysis Chart

xauusd elliott wave analysis

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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