GOLD and Silver Elliott Wave Cycles Approach Resistance

Gold broke above 1800 round figure and extended gains towards 1830 with an extended five-wave substructure, meaning more upside can occur after the current fourth wave set back which should stay above 1805, otherwise the intraday uptrend will be invalidated. Silver is also showing a very similar pattern with price now 23.04 support.

Gold is in a recovery mode on 4h chart, away from 1751, but only in three waves that we see as wave B) moving towards 1820-1848 resistance. Therefore, we should be aware of another leg down, into wave C) of E to complete a higher degree triangle. Break below trendline support near 1808 will put weakness in play.

GOLD 4h Elliott Wave Analysis

Silver came sharply down in November, from 25.40 resistance area, so it appears that metal is in a higher degree three-wave drop. Ideally, it will be an A)-B)-C) the decline that belongs to the fifth wave of an ending diagonal, so be aware of more weakness after current rally within wave B) that is already back at 23.25-23.70 resistance area. Drop below 22.14 will make room for a final leg to 21-20 area where we will expect a price stabilization; ideally at the start of 2022.

Silver 4h Elliott Wave Analysis