Analysis: Gold, Silver 17-21 July 2023
Analyze the trend of mineral products in the price chart of gold, silver, from 17 - 21 July 2023
Last week overview The US CPI figure was released, which was lower than expected, causing the USD to weaken. and investors see The Fed may raise interest rates for the last time in July, and US government bond yields are likely to decline. As a driving force for the price of gold to increase continuously.
Let's start with the daily chart of gold prices. Structurally, in Elliott Wave Theory, the view is an increase in wave 1 from the level of 1614.95 to the level of 2081.46, followed by a correction in wave 2, where wave A falls five waves in an impulse pattern, giving us a forecast for a correction. In a Zigzag pattern, therefore, a rise from the 1893.06 level is a short-term increase to continue down in wave C.
On the 4-hour chart, the price of gold rose in three segments with a breakout of the Base Channel, initially we expected a rise of wave 123 in a five-wave A pattern. Coming below 1934.96 will break the uptrend. And the increase may just be an increase in the corrective ABC. In summary, the price still has some upsize. The level of 1987.34 could be a significant resistance.
On the silver side, the whole picture is still in an uptrend. Impulse structure, wave 2 ended at the level of 22.112. Prices are rising in wave 3. Wave 3 normally has a length of 1.618 x length of wave 1 (32.239).
Silver, 4-hour chart, the rise is still good, wave (3) has a chance to rise at the level of 25.173, which is the level of 2.618 x wave length 1.
