Elliott wave analysis on Gold (2016-08-19)

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold             is in consolidation for many days. From Elliott wave analysis it might have a very quick wave C correction and then starts the next wave up.

Let's see how it will play!

Good luck for everyone!
Comment: I do not recommend to trade this correction as well as oil. The long term trend is very very bullish. We can just buy cheap position during the correction.
thats a very good harmonic chart....multiple reasons to buy @ 1307...thank you....
+1 Reply
zhipengcfel Givingthelowdown
Agree. You are welcome! -:)
showerreport zhipengcfel
Sorry but I don't understand your chart. I infer that we are going to have a great upside due to the MACD and the Force Index, correct?
Do you have long term chart for gold ? Thanks
+1 Reply

It is a old chart. But we can see how powerful ew is.
markez zhipengcfel
What are your target for the long term ?
I infer that you are expecting a correction in oil as well or do you think that they are running in different tracks? If oil and gold consolidate their uptrend would you think that insted of a hike rate we will get more stimulus? thanks!
+1 Reply
zhipengcfel showerreport
They runs in different tracks for daily chart. During the consolidation of gold for these days, oil is in a fantastic bull. But for long term time frame oil and gold are both in a bull trend. I agree that we will get more stimulus.
showerreport zhipengcfel
FED has been following the BOE path since the financial crisis. BOE has proved that it can't hike rate, do you think that the FED will try to show that they can and first make a rate and then the boomerang will strike in the middle of FED's face.
+1 Reply
zhipengcfel showerreport
Sorry. I am not an expert on fundamental analysis. It is hard to say now.
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