- Peter Mathers
Gold Elliott Wave Charts
Updated: Nov 25, 2020
Gold 1 Hour Chart
Wednesday, 25 November 2020 at 08:40 GMT
GOLD is now at the 1800 mark, which can be first possible support area, if we consider a post triangle thrust measurement taken from the break-out point. At this stage we need to be aware of a possible slowdown in bearish price activity, as price can be ending a bigger wave C (visible on the FX wave counts page). That said, in case wave C extends its drop, then second support is at 1760 level.
Gold 4 Hour Chart
Wednesday, 25 November 2020 at 07:41 GMT
No change.
Gold has completed a triangle correction in wave B, as price started firmly declining towards the 1800 area. We also see a break below the lower triangle line, and impulsive price activity which suggests wave C of IV) to be unfolding. Wave C of IV) is a five-wave move, which can in days ahead look for support at the 1780/1730 region.
Gold Daily chart
Nov 22 2020
Gold has been strong this year, and it climbed up to 2075 zone where metal turned down for a corrective pause. This move looks slow and choppy so we think it is a corrective wave four that can be looking for support around the 1800 level.