Is it Time for Gold to Resume its Rally?
- March 8, 2017
- Posted by: admin
- Category: Gains, Gold, Trends
Reaching a turning point in the Elliot wave.
EMA bias remains highly bullish.
Rate hike fears could hinder further gains.
Sentiment should be returning to the gold markets this week as the metal looks as though it’s ready to begin tracking higher once more. Specifically, we seem to have reached another turning point in the long-term pattern that could signal that we are about to see another push towards the elusive 1300.00 handle.
First and foremost, we should probably define exactly which long-term pattern is likely shaping up for the metal. Looking at the price action during the recent upswing, there is a fairly convincing Elliot wave becoming apparent, even if we would ideally like to see that third leg be slightly longer prior to retracing. Regardless, as a result of the wave, we are now expecting to see the final leg take place which could mean some rather substantial gains are due to be realised.