From TradingView · · 1m 10s
Elliott Wave Analysis for Silver and Gold
Silver closed below Elliott Wave invalidation level, signaling potential gold decline.
In brief
Silver closed below Elliott Wave invalidation level, signaling potential gold decline. Silver's price drop below Elliott Wave invalidation level suggests gold may form new low next week. Originally reported by TradingView.
Elliott Wave Structure Analysis
Silver closed below Elliott Wave invalidation level confirming larger corrective structure remains in progress.
Current Gold Price Action
Gold is likely to continue declining and form new low next week due to strong bearish candle closing the week.
Elliott Wave Count
Current decline represents Wave Y within blue WXY corrective structure part of larger Wave Y black correction.
D2 Momentum Analysis
D2 momentum suggests 1-2 candles to reach oversold territory before potential short-term daily low.
Key Fibonacci Targets
3863 Fibonacci target below major liquidity low at 3900 may provide buy setup with bullish reversal confirmation.
Deeper Decline Scenario
Price breaking below 3863 target could lead to decline toward bullish order block at 3400 for buy opportunities.
Bullish Recovery Scenario
Gold recovery could trigger sell setups at nearest bearish order blocks 4118 or 4284 with overbought signals.
In short
Silver's price drop below Elliott Wave invalidation level suggests gold may form new low next week.
