Is it the right time to buy a gold ?

Gold XAU/USD Elliott Wave Analysis :

gold elliott wave analysis

1st Motive wave: $1050 - $1073 during the 1st motive wave tiny five waves is developed which can see on a lower time frame. for the clarity, we are not going in the lower frame.

2nd wave correction: Deep correction of 1st wave around Fibonacci 61.8% is unfolded. 2nd wave correction gives us clue for the 4th wave shallow correction around 23.6 or 38.2% as the rules of alternation of Elliott.

3rd Motive wave: $ 1160 - $ 2075. 3rd wave unfolded as Fibonacci 261.8% of the 1st wave, which is considered as an extended wave so the 5th wave may be normal.

4th Correction wave: Shallow 23.6% correction unfolded as we have forecasted after completion of deep 2nd wave. So then we assume that 4th wave completed @ 1848 and the new 5th impulse wave started.

Let's jump on the chart,

Elliott wave analysis

As we can see  1st sub-wave of the 5th wave is in progress. It is expected that 1st sub-wave will compete above $2000

So Bulls will get active above $1920 for the Target of $1990

On the higher frame, If 5th wave is normal then Target will be at least $2450

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