GOLD Elliott Wave Analysis: Correction within downtrend
Gold (COMEX:GCG14)has been trading higher since the start of January but the recovery is slow and overlapping within a trading channel, which is a corrective move. We are tracking wave 4 that can be part of an expanding diagonal in wave 5 down. If that is the case then the current rally should stop somewhere around the $1,280 to $1,300 region. A break of $1,230 will confirm weakness for wave 5 of 5 going towards $1,100.
GOLD Daily Elliott Wave Analysis
Gold found support in the last few trading days at the lower side of a corrective channel, at $1,237 where we see a completed three-wave decline from the top, now labeled as wave (b). As such, we suspect that new highs are underway with wave (c) that may complete a second zigzag around 1280.
GOLD 4-hour Elliott Wave Analysis