Is Gold Bottom in Place?

  


Since bottoming on December 1, 2020 low at $1764., Gold has steadily risen. Short Term Elliott Wave View suggests the rally from December 14, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. In the 45 minutes chart below, we can see wave 1 of this impulse ended at $1906.74 and dips in wave 2 ended at $1855.55. Up from there, wave ((i)) ended at $1900.56 as 5 waves impulse in lesser degree. Dips in wave ((ii)) ended at $1893.90. Gold then rallied higher again in wave ((iii)) which ended $1943.80, then wave ((iv)) pullback ended at $1928.80.

Final leg wave ((v)) ended at $1955.32 and this completed wave 3 in higher degree. Wave 4 pullback is now in progress to correct cycle from December 21 low before the rally resumes. Potential target for wave 4 is 23.6 – 38.2% Fibonacci retracement of wave 3 which comes at $1916 – $1931. From this area, Gold may find support and resume higher again. As far as December 21 low pivot at $1855.55 low remains intact, expect dips to find support in 3, 7, or 11 swing for more upside.

XAUUSD 45 Minutes Elliott Wave Chart

Gold Elliott Wave Chart

Gold (XAUUSD) Elliott Wave Video

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