Metals GOLD and Silver Eye South: Elliott Wave Analysis
At the same time, this means that market can stay in risk-off and more dollars gains ahead especially now when metals also turned south.
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Gold is making a nice and sharp reversal from 1850 area as expected, where we see a completed ending diagonal after recent sharp reversal down. We see a minor impulse that may cause a break below the trendline support that can put much more weakness in play for wave C) of E, back to 1750 for final stages of a triangle pattern on a daily chart.
GOLD 4h Elliott Wave Analysis
Technically GOLD tests 0.786 Fibonacci retracement level of November 2021 highs to December 2021 lows with spinning top Candlestick pattern at the top and slides from there, at the same time daily MACD generates sell signal means we may see more weakness ahead.
GOLD Daily Technical Analysis
Silver has been recovering since December but notice that recovery is made by three legs which is a corrective structure. In fact, the price fell back below 23.27 where overlap invalidated any impulsive/bullish interpretations, so we are bearish and are looking for further weakness into wave C) of five; the final leg of a higher degree ending diagonal that can boom near 20/21.
Silver 4h Elliott Wave Analysis