16 oct gold elliott wave analysis

16 October Gold Elliott wave analysis

Gold made a solid bullish impact throughout last week after breaking out of an important wave pattern.There is a strong likelihood that the bullish momentum will continue and probably break above 1358 top.

In the last update, we witnessed Gold breaking out upside. We had earlier, on 29th September, predicted this to happen. We also added the price reversal level. Price did exactly as our forecast showed and rallied strongly. The smart buyers would have taken advantage of the first break. Shortly, we will look at where the next opportunity should be expected. The chart below was used in the last update.

10 october elliott wave analysis

Gold Elliott wave analysis, M30

Price was supported at this zone as expected and rallied. An impulsive bullish move is expected. Could the bullish momentum be strong enough to drive price above 1357 top?. If this happens, our long term bullish target is at 1400. The next coming days and weeks will reveal the strength of this rally.

The last update showed our expectation of a strong bullish impulsive wave toward 1400 or above. The next opportunity would be to wait for the present rally to complete and buy the pullback as shown in the chart below.

16 oct gold elliott wave analysis

Gold Elliott wave analysis

The next intraday resistance zone is 1313.5-1316. At this zone, a dip is possible. Buying the 50% retracement of the 1st sub-wave (in white) would be a good option if the bearish move that follows is corrective. Stay tuned for the next Gold intraday update.

Please let’s know your thoughts in the comment box below.

 

 

 

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