pretty key moment for gold right now and its pretty clear to see why.
I published a long prediction on gold earlier this week highlighting a potential 5th elliot wave on the 4hr time frame which turned out to be correct and provided a profitable start to the week, upon scouting golds next move across different timeframes it seems we have a potentially larger elliot wave on the daily time frame developing as indicated by the blue trend lines.
my bias right now is neutral as gold is once again approaching the market "ceiling" around the 2000 level so it will need something pretty significant to push through this strong level, however as i have mentioned in previous posts the time between price bouncing of the line and returning back is reducing which indicates an increasing interest to push through this level.
im hoping that my analysis provides good insight and value to your own analysis and most importantly profit, but now i think is a good time to be patient and wait until some fresh data is published.
feedback always welcome.
I published a long prediction on gold earlier this week highlighting a potential 5th elliot wave on the 4hr time frame which turned out to be correct and provided a profitable start to the week, upon scouting golds next move across different timeframes it seems we have a potentially larger elliot wave on the daily time frame developing as indicated by the blue trend lines.
my bias right now is neutral as gold is once again approaching the market "ceiling" around the 2000 level so it will need something pretty significant to push through this strong level, however as i have mentioned in previous posts the time between price bouncing of the line and returning back is reducing which indicates an increasing interest to push through this level.
im hoping that my analysis provides good insight and value to your own analysis and most importantly profit, but now i think is a good time to be patient and wait until some fresh data is published.
feedback always welcome.