Technical analysis of the gold Elliott wave [Video]

Gold Elliott Wave Analysis

Gold has completed the late September pullback and is now rallying towards another high as its all-time bullish momentum cycle continues. Further rallies are expected in the near term, while pullbacks are expected to end above the October 10 low.

Daily chart analysis

From an Elliott Wave perspective, the daily chart shows that gold initiated a cyclical impulse wave sequence in October 2022. Waves I and II of this sequence ended in May 2023 and October 2023, respectively. Currently, the metal is in the third wave and within it, wave III appears to be incomplete. Specifically, gold is in wave 5 of (3) of 3 (circled) of III, indicating that there is still significant upside potential. This suggests that gold’s uptrend is far from over and traders should watch out for potential pullbacks that could provide attractive buying opportunities if the uptrend resumes.

Four hour chart analysis

On the H4 chart, price has completed wave IV of (iii) and is now in an uptrend in wave V of (iii) from ((iii)). Projections suggest that wave (iii) could extend to 2767 before the next pullback begins in wave (iv) of ((iii)). Traders should focus on the buy side of this market and find entry opportunities during pullbacks.

Technical analysis of the gold Elliott wave [Video]