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Gold Futures Elliott Wave Options CFDs 3 April 2020

Gold Futures Elliott Wave Options CFDs 3 April 2020


Gold Futures Elliott Wave Options CFDs 3 April 2020

Gold 4 Hour Chart
Thursday, 02 April 2020 at 06:04 GMT

No change.
Gold made a five-wave drop from March highs, which we labelled as a higher degree wave 1, and which found a low at the 1450 level. The recovery which followed from the lows can be labelled as a contra trend reaction, as a bigger wave 2 which can also be finished at the 1644 level, as price started to turn lower. An impulsive decline, and a break below the 1555 level would confirm a completed bigger wave 2, and further weakness.



Gold Daily Chart
29 March 2020

Gold found a top for a higher degree wave V of C) at latest 1702 high. We are now observing a minimum three-wave reversal from the highs, with latest rise representing a temporary wave B/2 correction. That said, be aware of further weakness into a wave C or 3.


Gold Monthly Chart
28 February 2020

SP500 is reversing from the high and we see a very strong and sharp drop in short period of time, which is normal for stocks because of fear. Everyone are rushing out of the markets, wants to be in cash so results is an extreme sell-off in price. This is very normal for stocks. What we see now is a big wave IV in progress as part of an uptrend which can be a flat or maybe even a triangle in wave four that may complete and find the base at 2008 trendline support.




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