- Gold has bounced successfully from the strong support level on the weekly chart.
- As per my Elliott Wave analysis, an ABC correction (FLAT) + Wave (4) have been completed, so we can start a brand new impulsive wave!
- On the weekly chart, we can spot a beautiful rectangle consolidation, which is a strong continuation pattern.
- The price is above the 200 moving average. The 200 weekly MA is considered a very strong support area by huge institutions and hedge funds.
- I think this will be the final impulsive wave and then we can go back to retest the rectangle from the upside.
- You can place your profit target at the top of the parallel channel , but do not forget to switch to the LOG scale.
GOLD – New bull market has started! | All-time high next year
Previous ArticleIchimoku cloud
Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.