The daily chart above shows that Gold has been in a corrective phase (bearish cycle) since August 2020. This correction started after a strong rally that sends the precious metal to an all-time high.
The bullish chart pattern makes Elliot Wave sense and suggests that XAUUSD could be poised for a move higher over the final weeks of 2020.
The pattern on the chart is called a double zigzag, labeled (w)-(x)-(y). This corrective structure is also enclosed within a parallel channel, and the price is currently retesting the lower boundary of the channel and important moving average.
According to the Elliot Wave principle, once a correction is completed the price resumes in the direction of the prevailing trend which is bullish in Gold's case. The thing about correction is that they're usually fully retraced, so targets above August high is plausible in the weeks ahead.
What's your view on GOLD? Let me know in the comment.
Thanks,
Veejahbee.
The bullish chart pattern makes Elliot Wave sense and suggests that XAUUSD could be poised for a move higher over the final weeks of 2020.
The pattern on the chart is called a double zigzag, labeled (w)-(x)-(y). This corrective structure is also enclosed within a parallel channel, and the price is currently retesting the lower boundary of the channel and important moving average.
According to the Elliot Wave principle, once a correction is completed the price resumes in the direction of the prevailing trend which is bullish in Gold's case. The thing about correction is that they're usually fully retraced, so targets above August high is plausible in the weeks ahead.
What's your view on GOLD? Let me know in the comment.
Thanks,
Veejahbee.
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