Gold Futures Elliott Wave Options CFDs 2 August 2019
Gold 1 Hour Chart
Friday, 02 August 2019 at 08:56 GMT
Silver is making a nice bounce away from 15.90, while gold rallied away from 1400, so both shows bullish developments that may show up next week.
Gold 4 Hour Chart
Friday, 02 August 2019 at 07:19 GMT
Gold broke higher last week, but then it turned down after a temporary move above 1452 level. We see that as blue wave B that belongs to a higher degree running triangle correction in wave four. That being said, latest rally from the lower triangle line we labelled as wave D of IV, which can now face resistance near the 1451 region, from where final wave E can take price lower. A later rally in impulsive fashion from the lows would be first evidence that a triangle is completed, and wave V is in play.
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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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