The yellow metal runs in the fifth wave of Minuette degree labeled in blue, which belongs to a wave ((c)) of Minute degree identified in black.
The Elliott wave structure suggests that the precious metal could end its upward sequence soon. The thrust of the upper line of the ascending channel observed in the fifth wave should confirm the ending movement.
We foresee an upward movement until $1,648 level, from where the price could start a corrective move to $1,601.58 per ounce as a profit target level. The bearish scenario will be invalid if the price soars above $1,673.62 per ounce.
Trading Plan Summary
- Entry Level: $1,648.23
- Protective Stop: $1,673.62
- Profit Target: $1,601.58
- Risk/Reward Ratio: 1.8
- Position Size: 0.01 lot per $1,000 in account.