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Gold Bulls Are Aiming at $1460 Per Ounce Gold bulls have been unstoppable in the last few weeks. The price of gold has gained 13% to $1439.31 an ounce after a bearish correction that lasts through February and May 2019. The precious metal still has the potential to move substantially higher from the long-term perspective. However, in this post, we will look at the recent rally in Gold and what the next few weeks has in store for the commodity through the Elliot Wave perspective. The H4 chart above allows us to put XAUUSD “Gold” entire progress since May 2019 into Elliott Wave context. It looks like a textbook five-wave impulse pattern is forming, labeled i-ii-iii-iv-v. Wave “iii” is the longest wave, and its sub-waves are also clearly visible. The present and the recent pullback, which seems to be unfolding as a triangle pattern fits in the position of wave iv. The missing piece of the puzzle is wave v. Considering that it’s not a truncation, the fifth wave is supposed to exceed the top of wave iii. In terms of price, wave v’s initial targets lie near $1460/Oz, but $1500 per ounce is quite reasonable as well. Gold Bears Are Not Back Off Yet On the other hand, gold traders should tread very carefully. According to Elliot Wave theory, a three-wave retracement in the opposite direction follows every impulse. Therefore, we can prepare for a notable correction in wave (b) once wave iv and v complete the recent uptrend in wave (a). If this count is correct, XAUUSD is still in an uptrend and aiming at a new high above wave iii’s top. However, a bearish reversal within the blue box is highly probable and can open the door for a ~50% sell-off towards the support near $1350 an ounce. What's your view on Gold?
FX_IDC:XAUUSDLong
by Veejahbee
8
CAD/JPY 80.660 / 80.112 VS 84.549 / 85.185 Trade SetupsHello Trader, CAD/JPY 80.660 / 80.112 VS 84.549 / 85.185 We are back at the 4H downtrend (Breaking) and we have multiple possibilities. Yellow: possible pullback towards 81.524 for a 4th wave within the impulse up for a 5th wave up towards 83.344. At which point we will look for continuation of the up impulse ( Mangenta / Green ) Breaking 85.185 / 85.549 vs 87.471 / 90.435. Blue: Possibly finishing the 4th of a bigger structure for one more move down Breaking 80.112 / 80.054 VS 79.834 / 78.459.
by FxCryptoWaves
EUR/NZD 1.73036 VS 1.68154 Trade SetupsHello Traders, EUR/NZD 1.73036 VS 1.68154 Price has broken out the uptrend Possibly Completing an expanding pattern ( Red ) Looking for continuation / consolidation / corrective patterns ( Yellow ) To continue the down movement Breaking 1.68154 VS 1.67084 / 1.66628 / 1.64859 as our first targets. After which we look for continuation for the bigger structure ( Green ) Breaking 1.63113 / 1.62960 VS 1.59116 / 1.53597 Another possibility ( Blue ) We develop a bigger Corrective / Continuation / Consolidation Pattern for the upside To Break 1.73036 / 1.72752 VS 1.76046 / 1.74359.
by FxCryptoWaves
3
XPD/USD Palladium 1578.418 VS 1311.485 Trade Setups Hello Traders, XPD/USD Palladium 1578.418 VS 1311.485 Blue: Developing a Bigger Corrective / Consolidation / Continuation Pattern for further upside movement breaking all time high's 1578.418 / 1311.485 VS 1827.393 / 1705.807. Yellow: Looking for smaller continuation / corrective pattern for current impulse to break 1578.418. Red: Red: Consolidation / Correction / Continuation For more downside Breaking 1311.485 VS 1174.297 / 1057.763
OANDA:XPDUSDLong
by FxCryptoWaves