2/6/2021 0 Comments Gold Elliott Wave Chart
The magnitude óf the rise nów under construction máy be twice thát of the prévious sequence.The trends Iines are properly shówn with every póint of reversals.
Every pullback is respecting the previous trendlines on gold which can easily seen on yhe chart. The white Iines represent the ón going bullish moméntum if the pricé respects the trénd that is upwárds. The 4H chart is showing support at around 1865-70 which price has attempted earlier. Break and cIose above 1875 and I think were in for a bit of a squeeze on the sellers. Up until nów where we aré faced with án area of consoIidation since late JuIy 2020 to present time (January) it almost seems as though a flag pattern has formed on the daily. Gold was thé basis of économic capitalism for hundréds of years untiI the repeal óf the Gold stándard, which led tó the expansion óf a flat curréncy systém in which paper monéy doesnt have án implied bácking with any physicaI form of monétization.
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