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Elliott Forecast

Daud Bhatti

Gold (XAUUSD) Pullback Looking for Support to the Upside

November 8, 2023 By

Short Term Elliott Wave in Gold (XAUUSD) suggests that the metal is correcting cycle from 10.6.2023 low. Up from 10.6.2023 low, wave (1) ended at1997.16. Pullback in wave (2) is in progress as an . Down from wave (1), wave A ended at 1953.4 and rally in wave B ended at 2009.38. Internal of wave (B) unfolded as a zigzag in lesser degree as the 1 hour chart below shows. Up from wave A, wave ((a)) ended at 1993.44 and pullback in wave ((b)) ended at 1971.50. Final leg wave ((c)) ended at 2009.38 which completed wave B.

Wave C lower is in progress as a 5 waves diagonal. Down from wave B, wave ((i)) ended at 1969.69 and rally in wave ((ii)) ended at 2004.07. The metal may see another leg lower to end wave ((iii)), then it should rally in wave ((iv)) before turning lower again 1 more time in wave ((v)) to end wave C of (2). Near term, as far as pivot at 2009.38 high stays intact, the metal has scope to extend a bit lower. However, in the higher degree, as long as Gold stays above 10.6.2022 low at 1810.58, the current wave (2) pullback should find support in 3, 7, or 11 swing for further upside.

XAUUSD 60 Minutes Elliott Wave Chart

Gold (XAUUSD) Elliott Wave Video

Source:-forecast.com/news/gold-xauusd-pullback-looking-support-upside/

08/11/2023 1 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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