Elliot projection over gold chart

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We recently updated for gold correction Gold Caught By Elliot at 1249 looking short Report in which suggestion was short gold.
Here In the recent Chart, there is the sharper decline for the move in the correction so here at this place, we are looking the completion of correction. the recent Economic Events in U.S economy.
Such as

4-Week Bill Auction 0.570% 0.400%
3-Year Note Auction 1.630% 1.423%
Consumer Credit (Jan)            8.79B 17.10B 14.76B
API Weekly Crude Oil Stock   11.600M 1.660M 2.502M

So gold plunged at the level of 1206 recently gold is trading at 1204.
Some analysis using Elliot we are looking for the gold in upside move target of 1321 .and the reason for this are as follows.

  1. Gold still in channel movement.
  2. Relative Strength Index is In oversold zone.
  3. Fibonacci Retraced up to 0618.
  4. There is a formation of a pattern.
So by having this we are still bullish on Gold

So idea is to Remain Long on the gold despite making it as a bearish it holds the pattern of Elliot at this level and suggesting the target level of 1362


We are looking at the boost of U.S economy may continue .but the Direction of USD index is measuring as the correction for the shorter term.So that would be valid and better to remain long at this level of 1204.

Some Key levels For Gold

Long Levels  1217                 1233                 1241               1254
Short Levels  1198                 1182                 1172               1148

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