Elliot Wave Analysis: Gold Short Term Outlook
Sina Soleymani | Oct 07, 2017 03:48PM ET
As an Elliot wave analysis structure, Gold has made a Correction subwave as Leg D of a Triangle. it has met the target and heading to complete the final Leg (Leg E) of the triangle as a zigzag pattern.
currently, subwave A of the zigzag pattern is coming to an end which its reliable support and final target is 1264$ up to 1271$. if any reversal signs happen, it can experience a temporary upward corrective trend as subwave B of the zigzag with 1316$ up to 1327$ target. then the market may go through another correction as subwave C to complete the zigzag structure and end up the triangle.
Just after finishing described structure, Gold price may experience a mid-term bullish trend to get out of the triangle and if it happens , it can hit new highs at 1450$ up to 1500$! fundamental motive cause for bullish trend may be a political issue which is not far from reality!
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