GOLD can Face Limited Upside Around 1310/1316 - Elliott Wave
Hi traders,
Gold is trading bullish, ideally unfolding five bigger waves from the 1211 level, as part of a bigger recovery. We can see that price found a base for corrective wave 4 at the 1277 level, from where a sharp and strong recovery unfolded. This strong recovery can be labelled as final sub-wave 5) in progress, which can look for resistance and a bearish reversal near the 1310/1316 region (area of Fibonacci projection zone of 1.618 and area where the upper Elliott wave channel line sits and can react as resistance).
A drop below 1300 would signal that a top has been found and that a three-wave reversal can already be in play.
Gold is trading bullish, ideally unfolding five bigger waves from the 1211 level, as part of a bigger recovery. We can see that price found a base for corrective wave 4 at the 1277 level, from where a sharp and strong recovery unfolded. This strong recovery can be labelled as final sub-wave 5) in progress, which can look for resistance and a bearish reversal near the 1310/1316 region (area of Fibonacci projection zone of 1.618 and area where the upper Elliott wave channel line sits and can react as resistance).
A drop below 1300 would signal that a top has been found and that a three-wave reversal can already be in play.