Elliott Wave Analysis: GOLD Reaching For Higher Levels
Gold is in a new bullish turn that could stay here for a while based on weekly and daily structure. As such, we will continue to look even higher now, after the correction in blue wave 2- that looks to be completed.
GOLD, Daily
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On the lower time frame, because of recent price movement we could say that blue wave 2 of a higher degree could be finished and that a new bullish cycle has started to unfold into blue wave 3-circled. That said, at the moment we see price trading in the middle of red wave 1), specifically in minor blue wave v of 3, which could be near completion. As such traders now want to be aware of a corrective reversal lower taking place in sessions to come as black wave 4.
Invalidation level is at 1334, as long as it hold we are looking to the upside.
GOLD, 4H
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