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Gold And Silver Enter Bullish Mode: Elliott Wave Analysis

Published 06/18/2020, 04:16 AM
Updated 07/09/2023, 06:31 AM
XAU/USD
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XAG/USD
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GC
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SI
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GLD
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USLVF
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If stocks come down, we believe that metals can stay in an uptrend, which already has a clear wave structure. Gold made a five-wave rally from June lows, followed by a three-wave set-back to 1704 level where new higher swing low indicates more strength ahead, especially because drop from the high is in three legs (corrective). Push above 1732 can open the door for more gains.

Gold 1 Hour Chart

Silver also looks bullish after that push above the upper line, signaling that a-b-c drop is finished.
Silver, 1 Hour Chart


Latest comments

I am fresh for market, can I learn technical
Do you have any bearish mode pattern when USD surges in near-term back to 100?
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