Elliott Wave Analysis: GOLD and Silver Intra-day Update

Technical analysis of Forex market

GOLD is currently dropping from the highs, which can be first evidences of a completed bigger impulse from January of 24. That said, a drop below the 1300/1302 level would mean a deeper pullback to be in play, while a recovery from current levels, and above the 1315 level would suggest final sub-wave v of 5 to be in progress.

Gold, 1h

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Silver can be in the same situation as gold, now unfolding a three-wave reversal from the 15.96 high. If we get a drop below the 15.58 level, then a top has already been posted, and now a bearish continuation is in play, however in case we see a recovery above the 15.96 level, then this would favor more upside.

Silver, 1h

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