In the structure of the rising wave dominating from August last year, the correctional part of the structure was completed by the end of February. It has the form of an expanding triangle. According to Elliott's wave classification, this is a "stretched plane".
The rising wave from March 5 has a high wave level and is able to become a reversal pattern for a larger wave. An intermediate pullback is currently being formed (B).
Forecast and recommendations:
This week, the lateral movement of gold is possible along the calculated support. The beginning of a new round of growth is more logical to wait during the release of news blocks. The recommendation for the week remains the same: purchases are in priority.
- 1375.0 / 1380.0
- 1325.0 / 1330.0
- 1295.0 / 1290.0
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from your trading systems!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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