Comex Gold: Elliott Wave Analysis

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 Comex Gold 4 hour chart


Analysis

In my previous update I had mentioned that,  Comex Gold is positively poised and can move higher towards $2150 levels not immediately but gradually"

Gold eventually is on the verge to move higher and it will to achieve the above level. I will continue to be positive for the yellow metal.

To view my previous article on Comex Gold, click on the below link

https://www.marketanalysiswithmeghmody.com/2023/03/comex-gold-wave-5-to-extend.html

Another update I had written where I opened for all time high for gold in early January mentioning for the level of $2100

https://www.marketanalysiswithmeghmody.com/2023/01/comex-gold-elliott-wave-aanlysis.html

As seen in the above chart, prices are moving in a higher highs and higher lows and currently forming a sideways consolidation pattern namely triangle pattern. Triangles can be a continuation and reversal pattern, but in this case it will be a continuation pattern.

From Waves perspective, prices are moving in wave iv of wave v which formed a symmetrical triangle pattern. This pattern occurs in wave iv of impulse and thereby opening wave v higher. Wave iv is complex than wave ii thereby opening a possibility of wave v of wave v  to be extended.

The summation is Comex Gold has the possibility to reach in the zone of $2100-$2150 levels over short term.

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