Daily Elliott Wave Forecast: GOLD, SILVER, CABLE (07.02.22)

7 February 2022 Amega

GOLD rose less than 1% last week-on-week but its upside structure looks corrective, suggesting another led down is yet to come. Its current price action points at a short-term rise, though, as it remains above $1808; critical support. If it breaks, we might complete that triangle wave (E) sooner than later.

SILVER has performed no differently. In fact, its price action since Jan 20 is fractally identical. The metal, however being more volatile due to its thinner liquidity, printed a %4 gain week-on-week. Regardless, it trades below its 38% Fibonacci, but still correcting before completing its ending diagonal wave C.

CABLE showed similar gains to gold but was even 1.65% up against the DOLLAR mid-week. Weakening below the 50% Fibo at $1.3559 puts the pair under bearish risk. However, it would be no surprise if it continues its short-term correction up before reversing course.

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