Elliott Forecast - Gold (XAUUSD) in Correction Within Bullish Trend | ResearchPool

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Elliott Forecast

Daud Bhatti

Gold (XAUUSD) in Correction Within Bullish Trend

July 21, 2023 By

Short Term Elliott Wave View in Gold (XAUUSD) suggests the cycle from 6.29.2023 low ended at 1987.38 as wave 1. Internal subdivision of wave 1 rally unfolded as a 5 waves impulse Elliott Wave structure. Up from 6.28.2023 low, wave ((i)) ended at 1934.97 and pullback in wave ((ii)) ended at 1902.20. The metal rallies higher again in wave ((iii)) towards 1963.81 and pullback in wave ((iv)) ended at 1945.40.

Up from wave ((iv)), wave (i) ended at 1972.17 and pullback in wave (ii) ended at 1960.58. The metal extends higher in wave (iii) towards 1984.32 and pullback in wave (iv) ended at 1969.30. The final leg higher wave (v) ended at 1987.38 which completed wave ((v)) of 1 in larger degree. Wave 2 pullback is currently in progress as a . Down from wave 1, wave ((a)) ended at 1965. Expect wave ((b)) rally to fail for further downside in wave ((c)) to complete wave 2 before the metal resumes higher. Near term, as far as pivot at 1987.38 high stays intact, expect the rally to fail in 3, 7, or 11 swing for further downside.

Gold (XAUUSD) 30 Minutes Elliott Wave Chart

XAUUSD Elliott Wave Video

Source:-forecast.com/news/gold-xauusd-correction-within-bullish-trend/

21/07/2023 2 EN

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Elliott Forecast

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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Daud Bhatti

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