Gold Futures Elliott Wave Options CFDs 31 January 2019
Gold 1 Hour Chart
Wednesday, 30 January 2019 at 6:51:00PM AEST
Gold keeps moving higher, now in that very important 1310-1320 zone where upside can be limited, especially with the FED and NFP ahead. Flows may change so don’t be surprised by a pullback, especially if we see a decisive decline below the channel support.
Gold 4 Hour Chart
Wednesday, 30 January 2019 at 6:42:00PM AEST
Gold is trading bullish, ideally unfolding five bigger waves, as part of wave C of a bigger recovery. We can see that price found a base for corrective wave 4) of C at the 1277 level, from where a sharp and strong recovery unfolded. This strong recovery can be labelled as final sub-wave 5) of C in progress, which can look for resistance and a bearish reversal near the 1316/1330 region (area of Fibonacci projection zone of 161.8/200 and area where the upper Elliott wave channel lines sit and can react as resistance).
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Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
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