GOLD Elliott Wave Analysis: Impulsive Bearish

By: Gregor Horvat | Mon, Dec 23, 2013
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GOLD Elliott Wave Analysis Daily

Gold is trading nicely lower since the start of September, after the break through the rising trend line of a corrective channel. We knew at the time that it was an important signal for a change in trend, which means that bearish price action is now back in play which is accelerating for the last couple of weeks from 1362 so we think that market is moving down in wave 3 that could reach 1130 region in the next couple of weeks. Short term critical region is now at 1268; as long this level holds we are looking straight down.

Daily Gold Chart


GOLD Elliott Wave Analysis 4h

Gold has turned sharply to the downside in the past week which has been expected after only three waves up, labeled as a)-b)-c) on the chart. Current decline from 1251 is very sharp and directional that has already reached a new low so we believe it represents red wave iii) in progress, targeting 161.8% Fibonacci extension level at 1175.

Gold 4-Hour Chart


GOLD Elliott Wave Analysis Intraday

GOLD found some support on Thursday, but rally from that low is slow so we believe it's a corrective wave iv that will sooner or later send price back to the lows; ideally to 1180 level from June. Invalidation level for gold is at 1226.

Gold Hourly Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

Copyright © 2013-2014 Gregor Horvat

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