- Gold is currently sitting on a strong support level on the weekly chart!
- We have a great confluence here – an ascending parallel channel + 200 weekly moving average + bullish rectangle .
- 200 weekly MA is considered as a very strong support by huge institutions and hedge funds.
- ABC correction + Wave (4) have been completed, so we can start a new impulse wave from here!
- I think this will be the final impulse wave and then we can go back to retest the rectangle from the upside.
- You can place your profit target to the TOP of the parallel channel , but do not forget to switch to a LOG scale.
Gold XAU – New bull market just started! Elliott Wave + Channel
Previous ArticleSynthetix SNX – Bullish head and shoulders! Elliott wave
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.