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Gold (GCJ23) slid more than 2% yesterday, completing what appears to be a Bearish Island Reversal (on the daily chart) after forming a fresh 2023 high Monday at upchannel resistance (on the daily and weekly chart). Within GC’s current consolidation back below triangle resistance (on the weekly chart), GC is beginning to firm near the 38.2% Fib retrace of the March rally.
The dollar index (DXY00 ) on Tuesday fell by -0.03% and posted a 5-week low. An easing of U.S.-European banking turmoil has reduced liquidity demand for the dollar. On Monday, the BOE and BOJ received zero bids to secure dollars via the Fed’s new swap line, while the ECB allotted...
Hello Traders, in this article we will analyze how XAGUSD (Silver), reacted higher from equal legs area. With the cycle from 02.02.2023 decline in Silver having a clear connector we were able to project the area in which we were expecting a reaction to take place. Here at Elliott Wave Forecast, we call these areas, equal legs or blue boxes.
What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.77%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.74%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.54%. U.S. stock indexes this morning are moderately higher, with...
Gold soared. The banking system seems to be collapsing, and people are buying gold for safety. Will the crisis spread like wildfire? What will gold do next?
The dollar index (DXY00 ) on Monday fell by -0.38% and posted a 1-month low. The dollar fell on reduced liquidity demand due to a rebound in stocks and the boost in dollar funding by the Fed and five other central banks. The dollar was also under pressure on speculation...
Hello Traders! In today’s article, we will look at the past performance of the 1 Hour Elliottwave chart of $GDX. The rally from 3.09.2023 low unfolded as 5 waves which created a bullish sequence in our system. Therefore, we knew that the structure in $GDX is incomplete to the upside & should see more strength in 3, 7 or 11 swings against 3.06.2023 low.
