Comex Gold Anticipated Happened and Elliott Wave Analysis

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 Comex Gold 4 hour chart anticipated on 13th May 2023


Comex Gold 4 hour chart happened on 18th May 2023


Analysis

In my previous update I had mentioned that, "Comex Gold can be bought near to the level of $1990-$1980 levels for the up side level of $2100-$2110 over short term. The support will be placed at $1950."

The yellow metal plunge towards $1954 last week and closed near to $1980 levels (weekly closing). Thereby achieving my level of $1990-1980 on the downside. The upside target is still intact and it is now set to move higher - Anticipated Happened

To view my previous article on Comex Gold, click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/05/comex-gold.html

From the above chart, prices found the support of $1950 and bounced from this level thereby suggesting that the uptrend is still intact. The metal looks to now move higher as it is moving in a distribution pattern. There is a high possibility that gold can again move back towards $2080-2110 price range going ahead as it is moving in a expanding wedge pattern.

As per Wave theory, prices are moving in an expanding diagonal pattern and it is likely that prices are expected to move again back up towards $2080-2100 levels as the last leg is pending on the upside. As of now prices are moving in wave v in which it has completed wave (i-ii-iii-iv). The last leg of the final leg can soar prices higher near to cluster of highs placed at $2080-2110 or slightly higher.

The summation is Comex Gold is positively poised as far as $1950 is intact on the downside as it can reach in the price range of $2080-$2110 over short term.

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