Gold Is Eyeing 2800 Area

1月28日

Gold remains in a strong intraday five-wave bullish impulse and the recent intraday three-wave a-b-c decline indicates for wave 4 correction that stopped perfectly at the former wave "iv" swing low and 38,2% Fibonacci retracement, which is a textbook pattern by Elliott wave theory. With the current bounce, be aware of a bullish resumption within wave 5 that can send the price towards 2800 area, especially if breaks above intraday channel resistance line.

1月31日

交易結束：目標達成

Gold came nicely into projected 2800 area and there can be room for slightly more gains within that 5th wave to complete a lower degree impulse, but now that is trading in final stages of wave 5, be aware of a new slowdown soon.