Elliott Wave Analysis: Bullish Gold Cycle
Gregor Horvat | Oct 15, 2019 04:17AM ET
We are tracking a big, bullish cycle on gold up from May of 2019 lows, with price now unfolding the beginning of the fifth leg up. We can see that an A-B-C move lower unfolded within the corrective wave IV, which has found support, and a new bounce at the 1458 level. Recovery and a break above the upper corrective channel line would confirm a completed correction, and the fifth wave to be in progress, however, on the other side, a break and a drop below the 1453 area can lead to a strong decline.
Gold, daily
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