Full Article: Elliott Wave Counts For Gold, Oil, & GDX
Gold continued to move sideways in Friday’s day session and again in the overnight session, as we are currently trading at the 1301.00 level.
A break higher appears imminent, however, as the USDX continues to slip.
As you can see on the daily gold chart we continue to challenge the purple down trendline that connects the highs associated with wave $c$. A break and close above that line should see gold accelerate higher in its continuing wave $i$ of ^iii^ rally. We also have a major red uptrend line that we are defending.
We suspect that gold will move above our purple trendline soon, and the Fed meet on Wednesday could be the catalyst!
Full Article: Elliott Wave Counts For Gold, Oil, & GDX
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