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Elliott Forecast

Elliott Wave View: Gold Has Turned Bullish

December 2, 2022 By

Short term Elliott Wave View in Gold (XAUUSD) suggests the rally from 9.28.2022 low is unfolding as a . Up from 9.28.2022 low, wave 1 ended at 1729.46 and pullback in wave 2 ended at 1616.71. The metal then resumed higher in wave 3. Up from wave 2, wave ((i)) ended at 1682.37 and dips in wave ((ii)) ended at 1663.80. The metal resumes higher in wave ((iii)) towards 1772.78 and pullback in wave ((iv)) ended at 1752.30. Final leg higher wave ((v)) ended at 1786.53 which completed wave 3. From there, the metal pullback in wave 4 which ended at 1725.23.

Wave 5 higher is in progress with internal subdivision as an impulse in lesser degree. Up from wave 4 low, wave ((i)) ended at 1761.18 and pullback in wave ((ii)) ended at 1738.30. The metal forms a nest in wave ((iii)). Up from wave ((ii)), wave (i) ended at 1764.66 and pullback in wave (ii) ended at 1743.70. The precious metal then resumes higher in wave (iii) towards 1804.45. Expect wave (iv) to find support for more upside in wave (v) to end wave ((iii)). Near term, as far as pivot at 1725 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.

Gold 60 Minutes Elliott Wave Chart

XAUUSD Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-gold-turned-bullish/

#elliottwave #trading #Gold

02/12/2022 1 EN

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Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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