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07.04.2021 07:33 AM
Elliott wave analysis of Gold for April 7, 2021

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Gold finally seems to have completed the correction in wave 4 and all we need is a break above minor resistance at 1,756 to confirm that wave 4 has completed and wave 5 to above the peak in wave 3 at 2,075 is developing.

Short-term we seen support at 1,722 and of course key-support at 1,677.76 that need to be able to protect the downside. A failure at 1,677.76 will reignite wave 4 for renewed corrective downside pressure towards 1,561.

Trading recommendation:

Buy a break above minor resistance at 1,756 and place your stop at 1,677.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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Torben Melsted
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