Gold & Metals

Golden Waves: Unveiling Elliott's Metal Market Insights

Golden Waves: Unveiling Elliott's Metal Market Insights

Dive into the Shining World of Gold & Metals with Elliott Wave Theory - Uncovering Market Trends and Potential Opportunities!

  • Gold Spot 19/09/2023

The most recent increase must be a component of wave (V), which should push gold to a new record high, unless.....

https://www.tradingview.com/gopro/?share_your_love=ApostolosKsimines


Newswire

Gold Rising for a Fourth Day Despite a Higher Dollar as Treasury Yields Retreat

Aug 23, 202316:11 GMT+3

Gold prices rose for a fourth-straight session early on Wednesday despite a rising dollar as treasury yields fell off 17-year highs.
Gold for December delivery was last seen up US$10.10 to US$1,936.10 per ounce.
The price of the metal is recovering from nine days of losses prior to its current winning streak as traders await some certainty on the course of US interest rates. More information may be coming on Friday, when Jerome Powell, the central bank's chair, opens its annual conference in Jackson Hole, Wyoming.


"Gold is holding up well despite the recent surge in US Treasury yields," Saxo Bank noted. " ... Powell's Jackson Hole speech on Friday could be key, and should he highlight concerns about the banking sector or economic momentum at the symposium, gold could be one of the key beneficiaries."
US treasury yields moved down from the highest since 2006 early, with the yield on the US two-year note last seen down 5.6 basis points to 5.001%, while the 10-year note was paying 4.26%, down 6.9 basis points.
The dollar moved higher, making gold more expensive for international buyers. The ICE dollar index was last seen up 0.39 points to 103.96.

  • Long Scenario:

https://www.tradingview.com/chart/XAUUSD/zXppyuKX-Gold-Spot/


  • Short Scenario :
Gold Spot Elliot Wave Short Scenario


"Gold futures were marginally lower on Monday, but remained on track for their best month since March thanks in large part to a weaker U.S. dollar, which has helped to propel prices of the yellow metal more than 2% higher".

We still are caitious about it.....we will see.

Gold Spot Elliot Wave 4h Chart


Gold Spot Elliot Wave 4h Chart









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