Gold prices have seen a rebound as buyers returned to the blue box area, according to a technical blog analyzing the 1-hour Elliott Wave Charts of Gold. The recent rally from the low on July 25, 2024, showed a higher high sequence, presenting a short-term trading opportunity. The pullback reached the equal legs area and resulted in a reaction higher, leading to the advice for members to buy in the blue box area for a potential reaction higher.
Looking at the 1-hour Elliott Wave Chart from September 30, 2024, the rally to a high of $2685.58 marked the end of wave 3, followed by a pullback in wave 4. The pullback unfolded as an Elliott wave double three structure, with wave ((w)) ending at $2643.02 low. A bounce to $2665.99 high marked the end of wave ((x)), starting the next leg lower in wave ((y)) towards the equal legs area of $2623.88-$2597.89. Buyers were expected to enter the market at this level for new highs or a minimum 3-wave bounce.
In the latest 1-hour Elliott Wave Chart from October 7, 2024, the metal showed a reaction higher from the equal legs area after ending the correction. This reaction allowed members to establish a risk-free position shortly after taking a long position. However, a break above the $2685.58 high is still needed to confirm the next leg higher towards the $2699.74-$2723.00 area and avoid a double correction lower.
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