Comex Gold Elliott Wave Aanlysis

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 Comex Gold daily chart


Analysis

From the daily chart, Comex gold is moving in a sideways pattern mainly in a range of $2100 - $1650 levels. Prices are moving in this range and have bounced recently from the support of $1650 levels, currently trading at $1860 levels. As far as the level of $1650 is intact on the downside the bias is positive and can test the upper extreme of the range which is $ 2100.

As per Wave theory, prices are moving in a corrective structure and have completed wave (a-b-c) in a regular flat pattern, where it completed wave c at $1650 levels. Now it has opened a fresh leg on the upside which can go near to $2100 or even cross this hindrance.

The summation is Comex Gold is positively poised and can move higher from current levels towards $2100 over short to medium term with support placed at $1700 levels.



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