Metals Just Pausing Before New HIGHS Are Seen – Gold and Silver

Intermediate

Hello fellow traders!

Gold broke higher last week, but then it turned down after a temporary move above 1452 level. We see that as blue wave B that belongs to a higher degree running triangle correction in wave four. If that is the case then more sideways price activity may follow on the metal, as we still anticipate three more legs to unfold, before a break to the upside, into wave V.

GOLD, 4h

4h Gold Chart

Silver broke to the upside recently with very sharp and strong move above the upper line of a bullish channel which is normally an indication of a third wave price action. As such, we can expect even more upside after a wave four retracement that is now unfolding and can look for support near the 16.03 level.

Silver, 4h

4h Silver Chart

Both gold and silver are looking good and are now in a probable corrective retracement. If that is the case, and wave 4 is in play, then we know that one more leg higher is expected to follow. More bulls ahead!

Trade well,
EW-Forecast team
@ewforecast

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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