Gold Elliott wave Analysis: USDCAD and Update 

gold 4

Gregor - Author BIO photo


Gold Elliott wave Analysis: USDCAD and Update

USDCAD made a nice break out of a downward channel, which can be the first evidence of a trend reversal. As we can see a nice five-wave rally unfolded within blue wave i, which is also a suggestion for a change in trend, in our case from bearish to bullish. However, be aware that bulls may again resume, once a three-wave correction in blue wave ii takes place. This correction can start from the top at 1.2756 level and decline to around 1.2623/1.2560 area.


usdcad analysis

Gold can be trapped in a bigger correction known as a triangle pattern. We see current decline from 1360 level in clear five-waves which can be part of wave A, first leg of a three-wave decline within bigger wave C). Wave A looks completed at 1320 level, so new intra-day rally can be part of corrective wave B, that can see limited upside near the 1336 level. From there a new drop into wave C of C) may follow.

Gold, 1H

GOLD price analysis

Below we also have the 4h view of gold.

Gold, 4H

gold 4


Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.


By Gregor Horvat

Find more: Contributing Authors

Leave a Comment

Broker Cyprus TopFX