GOLD has turned strongly to the upside last week, above 1300 so looks
like market is in new impulsive upward cycle on intraday charts. We are
tracking two counts, and more importantly both are showing fourth wave
in progress. First, and primary count is showing idea of a triangle in
wave (iv) so break to the upside, towards 1330 could follow in the next
24-48 hours.
GOLD 1h Elliott Wave Analysis #1
The
second count is also bullish, but it shows the possibility of a
retracement back to 1300 before we get a bounce. At the moment none of
the pattern is complete, but we will be looking for a reversal up in
this week for sure. I will be tracking gold closely here, and post the
updated count, if I will spot a completed pattern
GOLD 1h Elliott Wave Analysis #2
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