Currency Analyst since 2010

Gold: wave analysis

Weekly. The chart showsthe markup for the last7years.Aftera great boomin the wave [3] we saw a downward correctionin the globaldownward Zigzag [4]. At the momentthe pair is building the descending impulse (C) of [4].

Daily. The structure of the internal wave impulse (C) is shown at the picture. The pair is forming the final part of the converging horizontal triangle IV. All waves of this triangle are simple Zigzags. In the next few weeks the pair will complete the formation of the final Zigzag [E] of IV. 

H4. At the moment the market is dropping in the downward impulse C of (B). In the next few trading days we expect to see a decline in the impulses 3 and 5, which are separated by a small correction 4. When the wave C is complete, we’ll see a reversal of the pair and the beginning of growth.

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