Gold is in a long-term Bull Market with price trading above the 50 week ema, which is above the 200 and 800 week emas. The long term emas are currently still trending up, despite price action correcting over the last couple of weeks. Last week was a spinning top, which corresponds with the sideways correction we experienced, and invalidates the shooting star from the week before as The Top. Price would have to drop all the way down to close below 1508 in order to be considered to be correcting on the weekly charts.
The Commodity is in a long-term Bull Market with price trading above the 50 day ema, which is above the 200 and 800 day emas. The 50 day ema is currently up trending, with Gold trading up in a strong b-wave flat that traded over the previous highs of 1557.10 before trending down again. In an Elliott Wave flat correction the c-wave trades down below the a-wave low, which is at 1445.50, so expect the down-trend to head back down there before completing.
The Commodity is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. The long term emas have flattened out here as price has corrected down from the new high, and the shorter term emas are all converging, warning of an accumulation / distribution zone. Price this last week has mostly stayed above the 9/13/30/50 emas, but a break down below the 50 ema would lead to a test of the 200 ema at 1520.
On a trading time frame, the Elliott Wave pattern was a b-wave tracing out across the range of the prior a-wave’s 5th wave, and needs to finish out a c-wave up before completing. It looks like gold needs to roll over and go down to test the lows before having a chance at making another run at the recent highs.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
The Commodity is in a long-term Bull Market with price trading above the 50 day ema, which is above the 200 and 800 day emas. The 50 day ema is currently up trending, with Gold trading up in a strong b-wave flat that traded over the previous highs of 1557.10 before trending down again. In an Elliott Wave flat correction the c-wave trades down below the a-wave low, which is at 1445.50, so expect the down-trend to head back down there before completing.
The Commodity is in a Bull Market on the 4 hour, with price above the 50 ema, which is above the 200 ema, which is above the 800 ema. The long term emas have flattened out here as price has corrected down from the new high, and the shorter term emas are all converging, warning of an accumulation / distribution zone. Price this last week has mostly stayed above the 9/13/30/50 emas, but a break down below the 50 ema would lead to a test of the 200 ema at 1520.
On a trading time frame, the Elliott Wave pattern was a b-wave tracing out across the range of the prior a-wave’s 5th wave, and needs to finish out a c-wave up before completing. It looks like gold needs to roll over and go down to test the lows before having a chance at making another run at the recent highs.
This is my GOLD look ahead for my own trading purposes. COMMODITIES trading involves risk. Feel free to comment, but trade off of this post at your own peril.
