Elliott Forecast - Gold (XAUUSD) Bearish Sequence Favors More Downside

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Elliott Forecast

Daud Bhatti

Gold (XAUUSD) Bearish Sequence Favors More Downside

Gold shows incomplete bearish sequence from 5.4.2023 high favoring further downside. Down from 5.4.2023 high, wave (W) ended at 1898.12 and wave (X) rally ended at 1987.42. Gold then resumed lower in wave (Y) with internal subdivision as a . Down from wave (X), wave A ended at 1884.89 low and wave B ended at 1952.95 high on September 1. Wave C lower is in progress as a 5 waves impulse structure. Down from wave B, wave ((i)) ended at 1901.11 and wave ((ii)) rally ended at 1947.39.

Wave ((iii)) lower is in progress as a 5 waves impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 1913 and rally in wave (ii) ended at 1929.12. Wave (iii) lower ended at 1857.40 and rally in wave (iv) ended at 1879.81. Expect wave (v) to end soon which should complete wave ((iii)). Afterwards, expect rally in wave ((iv)) to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Near term, as far as pivot at 1947 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

03/10/2023 1 EN

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Elliott Forecast

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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Analysts

Daud Bhatti

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Gold (XAUUSD) Bearish Sequence Favors More Downside

Elliott Wave Expects Silver (XAGUSD) Pullback to Find Support

Elliott Wave Analysis on SPX Looking to Extend Higher in Impulsive Structure

Ethereum (ETHUSD) : Incomplete Sequences Calling the Decline

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