Gold Price Prediction: Weekly and Daily Elliott Wave Analysis
Gold Price Prediction: What the Elliott Wave Says???
Recently, gold has been on a tear, breaking past its all-time high and moving above $2500. If we look at the charts, the Elliott Wave analysis shows that gold is in the middle of a strong move, specifically Wave 5 on the weekly chart.
Weekly Analysis
Using a technique called Elliott Wave channeling, it looks like this strong upward trend could push gold’s price up to between $2900 and $3050 by the end of 2024. However, there’s a chance that the market might correct itself in the last quarter of the year. If that happens, gold’s price might fall back to around $2330 or even $2200. This is what my weekly chart analysis is suggesting.
Daily Analysis
On the daily chart, we’re seeing Wave 3 of a smaller wave sequence, which is part of the bigger Wave 5. The hourly chart shows that Wave 4 has already finished, and now Wave 5 is underway. To wrap up this Wave 3 on the daily chart, the smaller Wave 5 on the hourly chart needs to complete. This could cause the price to drop as low as $2415, or there could be a small correction before reaching that point.
H4 Analysis: Waiting for Confirmation
On the H4 chart, I’m closely watching for an ending diagonal pattern. If this pattern confirms, I’ll be looking to make a short-term sell entry. However, if the price doesn’t form this ending diagonal and instead moves upward, it could take off again in an impulsive wave.
In that case, if I spot any opportunity in a lower demand area, I’ll be ready to go long with a new buy entry.
If the market doesn’t form an ending diagonal pattern, gold might jump again, possibly pushing the price to around $2600. But if the market does form an ending diagonal, we could see a bigger drop in the price.
For those who trade long-term, it might be a good idea to look for buying opportunities in gold after any corrections.
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Rana Das, CEO of Forex Wave Expert
