February 02, 2023 By Dinesh Naidu
In this article we’re going to take a quick look at the Elliott Wave charts of GOLD.
As our members know, we have been favoring the long side in the commodity since the September of 2022. We recommended members to avoid selling , while keep favoring the long side. Recently we got 3 waves pull back that has reached our buying zone. In the further text we are going to explain the Elliott Wave Forecast and Buying the dip in GOLDBEES ETF.
Current view suggests cycle from the 1726.4 low is still in progress as 5 waves structure. Currently, GOLD is doing wave ((iv)) pull back . The price structure of the pull back looks incomplete, it shows lower low sequences. So far we can count only 5 swings down from the peak.Consequently we expect to get more short term weakness toward 1903.98-1884.74 area which would be our next buying zone. We don’t recommend selling the commodity against the main bullish trend. Once bounce reaches 50 Fibs against the (x) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 1884.7. In Ruppee term we are expecting a rally till 63700/-, 65000/- to 69000/-.
Exhibit 1: Elliott Wave Analysis XAU/UDS SPOT
Exhibit 2: 200 DEMA + Volume + Rsi+ Trendline (GOLD)
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