Will Risk-off Continue? Elliott Wave on GOLD and SP500

Gold and silver are moving higher after another weak US data; weakest ISM non-manufacturing report in 3 years! We see them breaking to the high of the day, but it can be fifth wave moving into Elliott Wave channel resistance so market may start slowing down in the very near term, but only for a temporary set-back before bulls takes the price even higher.

GOLD, 1h

Gold Day Chart 2019-10-03

Check the VIDEO above for a more detailed analysis,

Trade well,

The EW-Forecast team and FxExplained.co.uk

Gregor Horvat

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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