GOLD Elliott Wave Technical Analysis – 3rd July, 2013 Last week’s analysis of gold expected upwards movement from a low of 1,221.88. Price moved lower first to reach down to 1,180.40, $41.48 below where I had expected the low to be. However, we did not see a trend channel breach on the hourly chart and did not have confirmation that a low was in place, until after price moved lower...
Last week’s analysis had two wave counts. The main wave count was invalidated with movement above 1,402.23. The alternate wave count expected more upwards movement for a fourth wave correction at minor degree. #GOLD #ElliottWave #TechnicalAnalysis – 5th June, 2013
Last week’s gold analysis expected downwards movement towards a target at 1,329. Price has not moved lower, but nor has it moved above the invalidation point at 1,419.78. Price has moved sideways for the week. Sideways movement looks like a contracting triangle. This is either a fourth wave correction or an X wave within a larger fourth wave correction. I have two wave counts for you this week looking at these two possibilities. #elliottwave #gold #technicalanalysis
Last week’s analysis had a short term target on the hourly chart at 1,357 for micro wave 3. Price fell short of this target by 12.78 before a small fourth wave correction, then continued lower to complete a fifth wave. The following fourth wave correction has remained below the invalidation point at 1,441.48. The wave count remains the same and is nicely explaining recent movement. #elliottwave #technicalanalysis #xauusd #gold
Last week’s analysis of gold expected downwards movement to a target for the week at 1,416. So far price has reached 28.74 below the target. Price is on track to meet the first target on the daily chart at 1,276. #elliottwave #elliottwavestockmarket #gold #xauusd
Last week’s analysis expected gold to move lower to a short term target at 1,533 before turning upwards for a correction. Price moved slightly lower but failed to get close to the target, moving only down to 1,540.24 before turning higher. With movement above 1,589.90 this upwards movement cannot be a fourth wave correction and so I have adjusted the wave count. #elliottwave #gold #xauusd
Movement above 1,599.78 invalidated the main wave count from last analysis and confirmed the alternate. At that stage price was expected to be in a higher degree longer lasting correction with an initial expected target about 1,646. #elliottwave #gold #metals
Last week’s analysis expected gold to rise towards one of two targets. The first target was at 1,590 and the second at 1,604. Price has moved higher to reach up to 1,599.78, 4.22 below the second target. This week I expect gold to resume the downwards trend. #elliottwave #gold #xauusd #metals #technicalanalysis #charts