Gold Futures Elliott Wave Options CFDs 17 Dec 2020
Gold 4 Hour Chart
Wednesday, 16 December 2020 at 06:59 GMT
Gold made very nice bounce from 1762, a clear impulse that took metal above the trendline suggesting that low is in place, so more upside is in view, but maybe after current pullback which can look for the support on the 1820 - 1800 zone. In case if goes straight back above 1874 highs, then wave 2 could be already finished.
Gold Daily Chart
13 December 2020
Gold has been strong this year, and it climbed up to 2075 zone where metal turned down for a corrective pause. We can see that price unfolded a three-wave correction in wave IV), and started turning higher again at the 1763 level, where former swing high provided support. That said, for a confirmation that higher degree wave V) is underway will be an impulsive break above the upper corrective channel line, and above the 1965 level.
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Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
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