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Commodities

Gold Road Map

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Daily Gold Open Articles Public
932

Today, gold reached the target outlined in the weekly report. Let’s assess the potential traps and probabilities for the next move by interpreting the candlespeak, technical readings, and Elliott Wave structures together.

CANDLES

Gold

Yesterday, gold missed a 3D bottom by just a few points. Today, it printed an extremely dangerous 15D candle—an Inside candle, essentially a bearish Harami Cross. While the metal bounced short term, the move may be very limited. The biggest near-term risk is a Bearish Engulfing on the daily frame tomorrow. Be prepared.

Elliott Wave: Gold Spot

XAU has likely completed—or is very close to completing—a sizable bearish flag for wave B. A break below the October 30 high would likely invalidate the potential impulse up and open a path down toward the target rectangle C.

GDX

GDX shows a similar wave structure. Both XAU and GDX have retraced about 50% of wave (i)/(a)—a classic Fibonacci retracement.

Summary:

Gold is at risk after several technical failures during the latest advance. A strong bearish candle tomorrow would likely set a bearish short-/mid-term path.

Happy Trading!

Daily Gold Open Articles Public
932
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