ew-forecast

Elliott Wave Analysis: Intraday View On GOLD

FX:XAUUSD   Gold / U.S. Dollar
On the 1H chart of GOLD             we are observing a five wave impulse from July lows taking place, with price now trading in a possible correction in black wave 4. That said we know that after every five wave movement a minimum three wave contra-trend action follows, meaning a little more weakness could come in play. Ideally GOLD             will find support around the 38.20 Fibonacci ratio and continue higher.

Invalidation level is at 1333- as long as it holds we are looking bullish .

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Good chart. Have you done higher timeframes aswell?
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I think the counting is right and wave 4 took sideway pattern than sharp one. Currently, minor wave four is unfolding and there is high possibility to make new high.
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