Elliott Wave Analysis of Gold - Closing in on resistance at 3,100

Elliott Wave Analysis of Gold - Closing in on resistance at 3,100

Almost a year ago, when gold was trading near 2,175 I said that a monthly close above resistance at 2,172 would call for a continuation towards the next upside target at 3,100 (You can see that post by clicking here).

Well almost a year after Gold is closing in on the 3,100 target fast. I would expect the 3,100 target to act as a strong resistance, that's not going to be broken and set-up gold for a larger corrective decline towards strong support at 2,172 and ultimately a continuation lower to the bottom of wave (4) near 1,050. 

However, for now we should look for a firm test of the long-term target at 3,100 and then see what gold has in store for us. 

In my March 2024 post I call for silver to break firmly above resistance at 30.00, which we have seen, but silver still needs to accelerate higher towards the long-term resistance at 50.00. I still expect this to happen, but obviously at its own pace...  

 

Elliott Wave Analysis of EUR/USD - Wave 3 is ready to unfold towards at least 1.8147

 

Wave 3 is ready to unfold towards at least 1.8147

EUR/USD began a major upswing in October 2000 from a low of 0.8231. Wave 1 or A moved up to a high of 1.6038 from where wave 2 or B initiated. Wave 2 or B completed with the test of 0.9536 in late September 2022 and wave 3 or C has been in its infancy since then. We have seen circle wave 1 move up to 1.1276 and circle wave 2 followed with an almost perfect 61.8% correction of circle wave 1 to complete at 1.0176 and circle wave 3 should now be expected towards at least 1.3000 and more likely extend much higher towards 1.6500. 

Short-term a break above minor resistance at 1.0467 will be a strong indication that circle wave 2 is done and circle wave 3 is working its way higher.