Hello traders and investors. I am Radi Valov, a professional trader, and today I want to make a quick update to my analysis of gold and silver.
Anyone who wants to trace my previous commodities analysis of Gold and Silver with larger and older time frames can see them below:
14.02.2022: Elliott waves signal for Gold update
07.02.2022: Elliott waves signal for Silver
04.02.2022: Elliott waves signal for Gold
Let’s start with the gold trading chart.
Gold Monthly Chart
At the big time frame, we are currently developing wave 5 and my expectations are for new historical peaks. A potential target for the end of the fifth wave is the area around 2300-2350.
Gold Daily Chart
After my last analysis, my expectations were for the development of a corrective downward movement for wave (ii), which is already a fact. The price found support a little above the values I had indicated as a possible target for the end of this correction. Wave (ii) most likely ended with a bottom of 29.3 in the 1890 zone as a completed double zigzag. From there, the beginning of an upward movement for wave (iii) develops, which according to my preferential analysis will reach new historical peaks. Potential targets are 2200-2350.
An alternative scenario is also marked in blue on the graph. The structure of the corrective movement allows the wave (ii) not to end yet and to develop as a flat correction. This means that the price can go to the zone once again in 1850-1880. At the moment, however, we adhere to the preferential analysis in red on the chart, the alternative should be considered ONLY if from the current levels develop downward movement and the price breaks the 1915 zone.
Pretty same is the picture with the Silver too.
Silver Weekly Chart
And here my expectations after the last analysis were for the development of correction for wave (ii). This thing has already happened and the structure of the corrective movement seems to be completed as a double zigzag with the bottom of April 6 in the area of 24.10.
My expectations are that in the coming months we will see a nice upward acceleration that will take the price forward above the zone of 30, and in the longer term at the top of the price channel.
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