GOLD Breaking Out Of Downward Channel; Two Elliott Wave Counts Are Pointing Towards 1375

By: Gregor Horvat | Fri, Oct 18, 2013
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GOLD reversed strongly to the upside in this week which was expected based on latest two different wave counts. The primary count shows idea if an irregullar correction in wave 2 where current wave (c) up should then reach levels around wave (a); at 1375 before we may turn bearish again.

Gold 4-Hour Chart

Alternate: Gold Elliott Wave Analysis 4h

The second, alternate but bullish count for GOLD suggests that decline from August high is a complex correction; a completed double zigzag that is now pointing higher after a daily close above the trendline connected from Aug 28 high.

Gold 4-Hour Alternate Count Chart

Gold 1h

On Intraday Chart Metals moved sharply to the upside yesterday which could be start of some bigger rally if we consider an impulsive qualities from recent lows. On gold we suspect that prices are in wave (iv) that may look for a support around 1303-1305 area.

Gold 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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