Elliott Wave analysis: Gold Looking Higher After A Fourth Wave

Hello fellow traders,

We are tracking a big, bullish cycle on gold up from May of 2019 lows, with price now unfolding final stages of a corrective wave IV. We labelled a three-wave move lower on gold within wave IV, with possible support/bullish turning point near the Fib. ratio of 38.2/50.0 (1450/1420 region). A strong rally above the 1515 level would suggest a completed wave IV, and wave V in progress.

GOLD, daily

On the 4h chart of Gold we labeled two possible fourth wave endings; the #1 shows sub-wave B) of Y which can be ending, so be aware of further downside into sub-wave C), towards the 1440/1420 region. A drop below the lower corrective channel line connected from the low of wave A) would be further evidence that wave B) is completed, and that wave C) is underway. The #2 is showing a possibly completed wave IV already at the 1445 level.

All said, a beak above the 1515 level, and above the upper channel line connected from 1557 high would be bullish for the metal.

GOLD, 4h

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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