Currency Analyst since 2010

Gold: wave analysis

by Roman Petukhov

Weekly. it has long been expected that the global downward correction [4] development would be complete, and now, judging by the latest movements, this wave is fully complete. The last section is marked by the formation of a new upward impulse [5] beginning.

Daily. The first two waves of the upward trend 1 and 2 have been formed. At the moment, development of a new upward wave 3 is taking place. We are expecting further growth of the pair in the near future.

H4. Wave (5) of [5] turned out cut off, therefore the bears failed to reach the low, formed by wave (3) of [5]. Right after that, we witnessed a surge of the price within impulse 1 and correction 2 towards it. At present, a powerful trend 3 is being formed; furhter price growth is expected in the near future.

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