Gold leaves major downtrend and hits 1880

15 May 2021

Hello everyone. I have supplemented my idea based on the Elliot wave theory based on yesterday's market situation. The closing of gold on the current resistance line at $ 1842.10 is a positive signal for me to start the trading week with renewed momentum after the weekend. So I believe that wave 5 will be an extended wave. Which will test the area around 1870-1880 before a major correction takes place in June. I think that over the course of the next week we will finally manage to break the massive downtrend that has existed since August 2020. This breakthrough should enable prices well above $ 2,000 in the long run. For my part, I am running my long positions of 1786.5 and 1837 and I will be ready to close them and open new short positions as soon as 1880 is reached.