Gold seems to be progressing well within wave (C) since $1721 lows. The yellow metal is looking poised to terminate above $1834 mark, to complete the above structure. Potential remains for a corrective drop towards $1760-70 before the rally could resume.
Gold had earlier rallied between $1677 and $1834 levels subdividing into five waves carving an impulse. The above rally has been marked as wave (a) on the hart here. Ideally, an impulse is followed by a corrective wave and prices dropped through $1721 in a zigzag.
The termination of wave (a) and (b) is a classic Elliott Wave pattern 5-3, which should be followed by another five wave rally exceeding $1834 mark. If the above is correct, prices should stay above $1721 levels going forward.
Looking into the sub waves since $1721 lows, Gold might have carves lower degree waves I and ii around $1775 and $1750 respectively. Further, wave iii might be in progress towards $1834 levels in the near term.
The corrective drop at the time of writing could find support around $1770-80 zone, before bulls are back in control. Traders might position themselves on the long side against $1721 mark going forward.
The Profinacademy.com Team
Bitcoin dropped close to $46000 mark on Monday before finding support again. The crypto is seen to be trading around $46500 mark at the time of writing as bulls remain inclined to be back in control.
The US dollar index spiked through 96.85 mark on Wednesday on the back of the Federal Reserve interest rate decision.
EURUSD is finding support from its consolidation lower range around 1.1260-70 and could resume its rally from here soon.