GOLD Breaking Out Of Downward Channel; Two Elliott Wave Counts Are Pointing Towards 1375
GOLD reversed strongly to the upside in this week which was expected based on latest two different wave counts. The primary count shows idea if an irregullar correction in wave 2 where current wave (c) up should then reach levels around wave (a); at 1375 before we may turn bearish again.
Alternate: Gold Elliott Wave Analysis 4h
The second, alternate but bullish count for GOLD suggests that decline from August high is a complex correction; a completed double zigzag that is now pointing higher after a daily close above the trendline connected from Aug 28 high.
On Intraday Chart Metals moved sharply to the upside yesterday which could be start of some bigger rally if we consider an impulsive qualities from recent lows. On gold we suspect that prices are in wave (iv) that may look for a support around 1303-1305 area.