Thursday, 3 January 2019

Gold to top soon?

Hi Traders,

Happy New Year! This is the first newsletter of the 2019.

For those who want to get to the professional level, please check my mentor program.


ANALYSIS


Although Gold is trying to get to the area 1300-1308 (see the target lines in the daily chart), it also shows the signs of a commodity running out of steam and it might turn South before reaching that target.

Note the exhaustion gap in the 1-hour chart.


ELLIOTT WAVES


The monthly and weekly charts display a very large accumulation pattern (a-b-c). From the top at C, Gold has now staged 4 small waves downward (out of 5). Wave 5 might take the commodity to the area 1155-1131 or even 1100.

The daily chart and the weekly chart clearly show that the whole set of 4 waves down - from the top at C - is religiously in place. If Gold tops soon, it will mark the completion of wave 4, starting a new downtrend to be labelled wave 5.




Monthly chart. Click to enlarge








Weekly chart. Click to enlarge









Daily chart. Click to enlarge









4-hour chart. Click to enlarge









1-hour chart. Click to enlarge













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