Elliott Wave analysis: Gold Looking Higher After A Fourth Wave
Hello fellow traders,
We are tracking a big, bullish cycle on gold up from May of 2019 lows, with price now unfolding final stages of a corrective wave IV. We labelled a three-wave move lower on gold within wave IV, with possible support/bullish turning point near the Fib. ratio of 38.2/50.0 (1450/1420 region). A strong rally above the 1515 level would suggest a completed wave IV, and wave V in progress.
On the 4h chart of Gold we labeled two possible fourth wave endings; the #1 shows sub-wave B) of Y which can be ending, so be aware of further downside into sub-wave C), towards the 1440/1420 region. A drop below the lower corrective channel line connected from the low of wave A) would be further evidence that wave B) is completed, and that wave C) is underway. The #2 is showing a possibly completed wave IV already at the 1445 level.
All said, a beak above the 1515 level, and above the upper channel line connected from 1557 high would be bullish for the metal.