Hello fellow traders. GOLD is another instrument that we have been trading lately . In this technical blog we’re going to take a quick look at the Elliott Wave charts of GOLD, published in members area of the website. As our members know, GOLD is trading within the cycle from the March 16th low . The commodity is showing higher-high sequences in Daily time frame. Consequently, we advised members to avoid selling GOLD in any proposed pull back and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
GOLD 4 Hour Elliott Wave Analysis 06.04.2020
Current view suggests GOLD is trading within March 16th cycle that is unfolding as 5 waves structure. As of right now GOLD is doing wave (4) blue pull back against the 1454.05 low. Pull back is unfolding as Elliott Wave Double Three Pattern, when we got 5 swings down from the peak. Correction looks incomplete at the moment. The price still can make another leg down toward equal legs/ blue box area 1672.69-1627.58 . As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. We don’t recommend selling it against the main trend. Strategy is buying the dips in 3,7,11 swings against the 1454.05 low.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.
GOLD 4 Hour Elliott Wave Analysis 06.15.2020
We got 7th swing down in proposed Elliott Wave Double Three. The commodity found buyers at 1672.69-1627.58 , the Blue Box area. We got nice impulsive rally from there, when wave (4) completed at 1667.61 low. All longs from the blue box should be risk free at this stage. We expect more strength in GOLD once short term 2 red pull back completes. Break of 05/18 peak is needed in order to confirm next leg up is in progress.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
Elliott Wave Forecast