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Gold (XAUUSD) Elliott Wave Technical Analysis 13 February 24

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Gold Elliott Wave Analysis

Function - Counter-trend

Mode - Corrective

Structure - Triangle

Position - Blue Wave X of larger degree red wave IV

Direction - Blue wave Y of larger degree red wave IV

Details - Wave E of the triangle could have completed or might take one more rally into 2051-2057 supply zone. A breakdown below 2008 should confirm the start of blue wave Y which could see the price off to 1985-1975 key zone. However, a surge above 2044 suggests wave (E) might correct higher into the supply zone mentioned. However, the entire Triangle structure becomes invalid above 2065.


Technical Analyst : Sanmi Adeagbot





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    • Hi KoketsoIG, Thank you for the clarification on that. Cheers
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