Gold Looks To Move Higher
Gregor Horvat | Oct 06, 2021 07:12AM ET
Gold is nearing the $1747 level, which appears to be support near former wave four. A rise above $1763 would be very bullish for the yellow metal.
In August, gold made an impulsive rally away from the $1685 lows, as seen on the 4-hour chart. We labeled this rally as the first leg of a three-wave recovery towards higher degree wave D.
The current decline should then be wave B, which looks like a complex 7-swing correction with an overlapped wave structure, so ideally, the price will see a recovery.
So far, the yellow metal rallied from $1721 to slightly above the upper channel line. We assume that bulls can take charge from there.
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