Hello traders and investors. I am Radi Valov, a professional trader, and today I would like to make a quick update to my commodities analysis of Gold and Silver.
Anyone who wants to can 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 Daily Chart
After reaching the top in the area of 2070, a downward movement for wave (ii) develops. At the moment, the fall has a structure of completed zigzag to the bottom in the area of 1890. Most likely this zigzag is only part of the wave (ii), and not the whole correction, so I put? it on the chart. The structure of the correction allows this week to see another two upward movements to the area around 1980-2030, followed by a new downward movement that will find support in the area around 1850 for the end of wave (ii).
Silver Weekly Chart
The two metals are currently in a fairly good correlation. The situation is similar to silver. From the top, for wave (i) we have a completed triple down with a zigzag correction structure to the bottom in the area of 24,400. Then began the development of lateral upward movement, which is more likely a wave b / x. I expect to see another rise to around 25,900 this week, followed by another downward movement, which will find support in around 23,900 for the end of wave (ii).
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