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Time to look at a potential wave count in Gold

Now before anyone gets too carried away with what I am going impart here, let me state this is hypothetical at this stage and it is a prognosis and not a recommendation. Leaving that to one side, here we go anyway. If the low set on October 6, at 1,810.51 was the start of wave 1, of a potential 5 wave sequence and 2,009.41 was the top of that, then the correction back down to a low at 1,931.74 on November 13 could be the end of wave 2. That low slightly surpassed a 38.2% correction of the first wave. So, if that is the case and we are now in wave 3, that could be confirmed by a break above the top of wave 1 (2,009.41). If that is the case and I stress IF, then wave 3 has some decent upside to offer and could even later challenge the May 4 high at 2,062.99. We shall have to wait and see on that. Meantime, the potential length of wave 1 was almost exactly $200 (1810.51 to 2,009.41). So add that same distance to the base of wave 2 and you arrive at 1,931.74 +199 and that gives you a potential measured wave 3 target at $2,130.74. So, is that a feasible target from here? Well, that is by no means certain and we do have a massive double top in place from highs in 2020 and 2022 and those are likely to be very tough levels to crack. Besides, gold is yet to pass that previous 2,009.41 high. Nevertheless, some ideas and prognosis for you to absorb all the same. The high seen so far this afternoon has been set at 2,007.61. Gold is currently trading at 2,006.15
 

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