Jump to content

Gold XAUUSD Commodity Elliott Wave Technical Analysis


Recommended Posts

Gold Elliott Wave Analysis
Function - Trend
Mode - Corrective
Structure - Likely Zigzag
Position -Wave C of (4)
Direction - Wave C of (4) is still in play
Details - Gold fell sharply on Friday to show the end of Wave B and the start of Wave C which could extend lower before Wave 5 begins upside.

Gold Elliott Wave Analysis
Gold experienced a sharp decline last week following reports from China and strong US job numbers. The recovery seen in the first week of June has been completely eroded, suggesting the commodity may head lower in the short term. However, despite this downturn, Gold remains in a bullish trend. The fall from the May 20th high of 2450 is still considered corrective, indicating that the bullish trend should resume.
 
Daily Chart Analysis:
The daily chart shows that the intermediate wave (3) concluded at 2450 with an expanding diagonal structure. Since reaching this high, Gold has been in a corrective phase. Typically, the fourth wave (wave (4)) corrects up to 38.2% of the third wave (wave (3)) and can sometimes approach the 50% retracement level. It usually does not surpass this level; otherwise, it could signify a different wave structure. In this scenario, Gold could decline in wave (4) to 2269, which represents the 38.2% retracement of wave (3), or even further to 2213, corresponding to the 50% retracement level.
Commodities24.thumb.png.84faf4da3ad8799cc43617b2f33f9ac9.png
 
H4 Chart Analysis:
On the H4 chart, it appears that wave (4) is forming a zigzag structure. This includes:
  • An impulse wave for wave A
  • An expanding flat for wave B
  • Another impulse likely to complete wave C
In a zigzag pattern, wave C often extends to 100-138.2% of the Fibonacci projection of wave A from B. These levels are at 2265-2217, aligning closely with the 2269-2213 retracement projections mentioned earlier for wave (4). We anticipate wave (4) will end around these levels, setting the stage for wave (5) to begin as buyers push the price toward a fresh high in the ongoing bullish trend.
Commodities24(1).thumb.png.28c7f3d9ea5a8627ebd8301bfd81da98.png
 
Summary:
Gold's sharp decline last week, influenced by external economic reports, suggests a potential for further short-term weakness. Nonetheless, the overall bullish trend remains intact. The daily chart indicates that Gold is in the corrective wave (4), which could see prices drop to the 2269-2213 range, corresponding to the 38.2% and 50% retracement levels of wave (3). The H4 chart supports this view, identifying a zigzag structure in wave (4) that could complete between 2265-2217. Once wave (4) concludes, wave (5) is expected to begin, propelling Gold toward new highs. Traders should monitor the 2269-2213 range for signs of the correction ending and the resumption of the bullish trend.

Technical Analyst : Sanmi Adeagbo
Source : Tradinglounge.com get trial here!

 

  • Like 1
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • The foreign exchange market, also known as the FX market, is the largest and most liquid market in the world, with a daily trading volume of over $6 trillion. It is a global decentralized market where individuals, businesses, and institutions trade currencies. In the FX market, participants buy and sell currencies at agreed-upon exchange rates. The exchange rate represents the value of one currency in terms of another. For example, the EUR/USD exchange rate represents the number of US dollars needed to buy one euro. There are several key players in the FX market, including: - Banks and brokerages - Hedge funds and investment firms - Multinational corporations - Central banks - Individual traders The FX market operates 24/5, with trading sessions in Tokyo, London, and New York. Currency prices fluctuate based on supply and demand, economic indicators, political events, and market sentiment. There are several types of FX transactions, including: - Spot transactions (immediate settlement) - Forward transactions (future settlement) - Swaps (exchange of principal and interest) - Options (right to buy or sell) FX trading offers various benefits, including: - Facilitating international trade and investment - Enabling currency diversification - Providing hedging opportunities - Offering speculative trading opportunities However, FX trading also involves risks, including: - Market volatility - Leverage risks - Counterparty risks - Regulatory risks In conclusion, the FX market plays a vital role in facilitating global trade and investment. Understanding the complexities of the FX market is essential for businesses, investors, and individuals navigating the global economy." Let me know if you want me to make any changes!
    • Thanks, @KoketsoIG. I'm only confused because when I wrote to the helpdesk on 6th June, they sent me a document called FX_TIERED_MARGIN_RETAIL which they said was a list of the new margin requirements that would come into effect on 11th June. It shows (Tier 1) EUR/TRY 5% and TRY/JPY 5% I think they must have sent the wrong document. Could you give me a link to the place on the website that has an up to date table of margin requirements? Best wishes, Cate  
    • Cookie3 is making waves with its MarketingFi and data AI protocol, aiming to revolutionize Web3 marketing by rewarding users. But before you start building your Cookie3 score, let's explore what other projects are shaking things up in the world of Web3 marketing and data ownership. The Graph (GRT), this project allows developers to build decentralized applications (dApps) powered by user-generated data, creating a more transparent and community-driven marketing landscape. Basic Attention Token (BAT), built on the Brave browser, BAT rewards users for their attention by offering them tokens for viewing privacy-focused ads. So what do you think? Is Cookie3 a revolutionary force in Web3 marketing cause they got listed on Bitget, or just one piece of the puzzle? Have you explored any other Web3 marketing or data ownership projects? Share your thoughts in the comments!
×
×
  • Create New...
us