|
Gold completed a bearish Elliott Wave count (5 waves) at the $4,402 swing low on Feb 2. Elliott wave analysis highlights that we are in the corrective AB-CD formation to the upside. Yesterday’s price action resulted in mild net daily losses, but all price action was confined to the previous date range. This is known as an indecisive Inside Harami. The intraday chart highlights a period of consolidation. This can be analysed as either a bullish flag or a Wyckoff consolidation. Both have a mild bias to break to the upside. Topside barriers are the 78.6% pullback level of $5,348, a full AB=CD target is seen at $5,376, and trendline resistance is located at $5,485 Bespoke support is seen at $4,946. The channel base is currently located at $4,886 Conclusion: the market awaits today’s nonfarm payroll data. The preferred stance would be to buy into a dip close to $4,946 submitted by /u/thesignalrooms to r/Forexstrategy |