Comex Gold: Elliott Wave Analysis

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 Comex Gold 4 hour chart


Analysis

In my previous updates on Gold, I have been telling that it might move in the range of $2100-$2150 levels. This seems a little challenging for the yellow metal as it can move towards $2100 but difficult to surpass it. 

As per Wave analysis, prices are moving in wave v, in wave v wave i and wave iii are equal. Initially I believed that wave v of wave v will be extended but there is another guideline which says that all the impulse waves can be equal which is wave i-iii-v.

In wave v of wave v, I think ending diagonal is in motion in which iv of wave v of wave v is ongoing. Any move near to $2020-$2005 will terminate wave iv of wave v of wave v which will ten unfold wave v of wave v of wave v which can also be throw over (going above the trend line of the ending diagonal.

The 100% comes to $2080 levels which is close to my level of $2100-$2150. So I will continue to hold my level of $2100 over short term.

The summation is Comex Gold can stumble in the level of $2020-$2005 which can be a buying opportunity for the level of $2080-$2100 levels over short term.

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