GOLD and Silver Elliott Wave Cycles Approaching Support

Back in August Gold made nice and impulsive rally away from 1685 lows, as seen on the 4-hour chart that we labeled as first leg A) of a three-wave recovery within higher degree wave D. So, with current three-wave A-B-C pullback for B), seems like gold may find the base soon, ideally here around 61,8% Fibonacci. retracement, which means that we have to expect another recovery within wave C) of D up to 1850 area, especially if price recovers back above 1782 region.

GOLD 4h Elliott Wave Analysis Chart

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Technically Gold is bouncing from lower Bollinger band and we can we bullish divergence on 4h GOLD chart, seems like Gold searches for the support.

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Silver is coming even lower in the 4-hour chart, now breaking even August lows, so we are tracking final wave 5 of a bigger ending diagonal (wedge) pattern that can find the support soon, ideally here in the 22 – 20 zone, but keep in mind that bulls could be back in the game only if we see a recovery back above 24.80 region.

Silver Elliott Wave Analysis

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Like GOLD, Sliver is also forming bullish divergence on 4h chart means support is nearby.

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