Gold continuing to find support into the pullbacks
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 and provided a perfect reaction higher. So, we advised not to sell Gold but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure and forecast below:
Gold one-hour chart from 8.22.2024
Here’s the one-hour Elliott wave chart from the 08/22/2024 NY update. In which, the rally to $2531.67 high ended wave ((iii)) & made a pullback in wave ((iv)). The internals of that pullback unfolded as Elliott wave double three structure where wave (w) ended at $2493.70 low. Then a short-term bounce to $2519.11 high-ended wave (x) & started the next leg lower in wave (y) towards $2481- $2457 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
Gold latest one-hour chart from 8.26.2024
Above is the latest one-hour Elliott Wave chart from the 8.26.2024 NY Midday 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 $2531.67 high would still be needed to confirm the next leg higher minimum towards the $2546.49- 2569.93 area before the next pullback takes place.
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