Gold Futures Elliott Wave Options CFDs 27 March 2019
Gold 30 Minute Chart
Friday, 22 March 2019 at 7:50:00 GMT
While stocks are up there is a chance for some limited upside on metals, especially after that sharp drop yesterday. Current rise is now also in three legs to 1310-1315 area, but if price goes back below 1302 by the end of the day then I think that gold can see much lower prices next week.
Gold 4 Hour Chart
Wednesday, 27 March 2019 at 08:10 GMT
Gold can still be trading in a complex correction, up from March lows. We are tracking a W-X-Y pullback, with possible resistance and a bearish reversal zone near the Fibonacci ratio of 61.8, and near the upper corrective channel line. A drop in impulsive fashion, and below the lower channel line would suggest a completed correction, and more weakness ahead.
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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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