13Feb

Gold (XAUUSD) Elliott Wave Technical Analysis Insights for February 13, 2024

Gold Elliott Wave Analysis: Understanding Counter-trend Movements, February 13, 2024

Gold (XAUUSD) Elliott Wave Analysis

Gold's Elliott Wave analysis reveals intriguing insights into its current trajectory, suggesting a corrective phase characterized by a triangle structure.
As we delve into the details provided by technical analyst Sanmi Adeagbot, we uncover potential scenarios and crucial levels to watch, all aimed at guiding informed trading decisions.

Function: Counter-trend Gold's current Elliott Wave pattern indicates a counter-trend movement, signaling a temporary deviation from the prevailing market direction. Traders keen on exploiting short-term opportunities amidst broader trends should pay close attention to this corrective phase.

Mode: Corrective Within the Elliott Wave framework, Gold's movement is categorized as corrective, implying a temporary pause or reversal within the larger price trend. Recognizing this corrective mode is vital for traders seeking to capitalize on short-term fluctuations in Gold's price.

Structure: Triangle The structure of Gold's Elliott Wave pattern resembles a triangle, characterized by converging trend lines that signify diminishing volatility and indecision in the market. Traders must monitor this triangular formation closely as it often precedes significant price movements.

Position: Blue Wave X of larger degree red wave IV Gold's current position within the Elliott Wave sequence is identified as the Blue Wave X of a larger degree red wave IV. This positioning provides crucial context for understanding the broader market dynamics and potential future price movements.

Direction: Blue wave Y of larger degree red wave IV The imminent direction for Gold is the Blue Wave Y of the larger degree red wave IV. Traders should anticipate the unfolding of this wave to gauge potential trading opportunities and adjust their strategies accordingly.

Key Details: Wave E of the triangle may have been completed, or there's a possibility of one more rally into the 2051-2057 supply zone. A breakdown below 2008 would confirm the initiation of the blue wave Y, potentially driving prices towards the 1985-1975 key zone. Conversely, a surge above 2044 suggests the wave (E) might correct higher into the mentioned supply zone. It's crucial to note that the entire Triangle structure becomes invalidated above 2065.

Technical Analyst: Sanmi Adeagbot 

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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