In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Gold. The rally from the 25 July 2024 low showed a higher high sequence & provided a short-term extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a perfect reaction higher. So, we advised members not to sell Gold but to buy the blue box area for a minimum reaction higher to happen. We will explain the structure & forecast below:
Gold 1-Hour Elliott Wave Chart From 9.30.2024
Here’s the 1-hour Elliott wave Chart from the 09/30/2024 NY update. In which, the rally to $2685.58 high ended wave 3 & made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $2643.02 low. Then a short-term bounce to $2665.99 high-ended wave ((x)) & started the next leg lower in wave ((y)) towards $2623.88- $2597.89 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
Gold Latest 1-Hour Elliott Wave Chart From 10.07.2024
Above is the Latest 1-hour Elliott Wave Chart from the 10.07.2024 London update. In which the metal is showing a perfect reaction higher taking place from the equal legs area. Right after ending the correction. Allowed members to create a risk-free position shortly after taking a long position. But a break above $2685.58 high would still be needed to confirm the next leg higher minimum towards the $2699.74- $2723.00 area & avoid double correction lower.
Source: https://elliottwave-forecast.com/commodities/gold-found-buyers-blue-box-area/