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FX.co ★ Elliott wave analysis of Gold for April 7, 2021

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Forex Analysis:::2021-04-07T05:33:17

Elliott wave analysis of Gold for April 7, 2021

Elliott wave analysis of Gold for April 7, 2021

Gold finally seems to have completed the correction in wave 4 and all we need is a break above minor resistance at 1,756 to confirm that wave 4 has completed and wave 5 to above the peak in wave 3 at 2,075 is developing.

Short-term we seen support at 1,722 and of course key-support at 1,677.76 that need to be able to protect the downside. A failure at 1,677.76 will reignite wave 4 for renewed corrective downside pressure towards 1,561.

Trading recommendation:

Buy a break above minor resistance at 1,756 and place your stop at 1,677.

Analyst InstaForex
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