Possible Fractal Elliott Wave Count Of Gold

Per reader request, here is a possible Elliott Wave count interpretation and simple structure forecast for Gold prices going forward. The caveat is that this is one of various Elliott Wave counts, and I’m only taking into account the recent fractal wave structure.This count implies that we are in the 5th Wave up in terms of the monthly chart, and might even be displaying Wave 1 (which is a 5-wave structure) of that 5th wave… or it could be completing the terminal 5th wave… but I don’t want to get too complex into the count at the moment.The main idea is that odds seem to favor higher prices yet to come for gold with the exception that prices stay above the $860 per ounce level. Any bullishness would come into question should prices break down beneath $860.

Otherwise, the Elliott Structure shown above implies that we will be breaking to new highs within the coming months, though I am not showing specific Fibonacci price targeting (which Elliotticians use to project price targets as functions of prior waves).Beyond Elliott, we’re having another “Cradle Trade” forming as the EMAs align at the $900 level which - for any bullishness to occur - should hold as immediate support. A failure at $900 will likely set-up a test of the $860 level before long so watch that level closely.Standard Elliott Wave disclaimers apply - Elliott Wave analysis is one of many forms of market analysis, and no technique or strategy (that I know) can guarantee 100% accurate market forecasting. However, it can be helpful in expanding your perspective to see larger structures and, more importantly, a possible pathway for prices to take into the future… though a pathway based on odds and probabilities, not certainties.