Gold Elliott wave analysis (4 February 2021) 1764 and 1732

Gold has continued its bearish trend inside a yellow parallel channel with triangle breakout near the 50% retracement of previous wave.
major resistance for seller are 1802 and 1764 with final target 1732
breakout of 1802 will generate panic among gold investor.
you can rejoin the trend at boundary of yellow parallel channel and horizontal levels.

Buy low Sell high
you will buy low again at 1732 with TP1 at 1764 and TP2 2000

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it can retest yellow channel and blue trend line of chart pattern
bearish blow these two trend lines
(bullish on breakout above 1875 and 1960 )
bearish target after breakout blow 1765, 1732

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Trade stängt: målet nått:

Trade stängt manuellt

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bottom of this trend