In log scale chart you can see that gold has came down and stopped at around 50% fib retracement
And when we look at the elliott wave structure from 2070
Gold came down as 3 wave which I labeled WXY
After that we had a month long triangle formation which send price down to 1848
Since triangle only occur in 4-b- and "x" wave i interpreted that the triangle is X and the whole correction is "WXY" correction
And I anticipated that Y would composed of 3 waves structures
From 1974 down to 1848, this looks like a double zigzag in which C is equal to 2.618X of length of wave A
So i think the correction maybe over
If 1848 holds, i think gold is ready to move higher to new high soon with target around 2250-2350
Note
Seller will probably start coming in around 1900
But the trend is up if we are above 1848
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.