Gold Seems Attractive As Crypto Turns Down

Published 05/20/2021, 07:48 AM
Updated 07/09/2023, 06:31 AM
  • Massive drop on crypto currencies
  • Gold seems arractive as crypto seems less attractive
  • Gold can test 1845 level before turnigh further higher

  • For the last 24 hours everyone is watching crypto currencies which have seen a massive drop after three Chinese Central Bank associates released a document on Tuesday prohibiting financial institutions and payment companies from offering any form of services involving cryptocurrencies. So this can be positive for gold and some other assets as crypto seems less attractive.

    From an Elliott Wave perspective, GOLD (XAU/USD) is trading in an impulsive five-wave rally and looks like there's room for more upside, just be aware of another corrective slow down in wave 4) with support around 1845 level before a continuation higher for wave 5).

    GOLD (XAU/USD) 4h Elliott Wave analysis chart
    Gold (xauusd) elliott wave analysis

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