GOLD Elliott Wave Analysis: Resistance Nearby

By: Gregor Horvat | Thu, Feb 27, 2014
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On gold we have adjusted the wave count after recent acceleration and daily close above 1300 level. We are now tracking an incomplete triangle in wave 4) but bias remains the same; we see move up from 1181 as temporary and corrective retracement that may stop and send prices down in second part of this month. We see resistance for a potential turning pint at 1330, 1362, followed by 1376.

Daily Gold Elliott Wave Chart


GOLD Four Hour

Gold has turned down from 1345 resistance area where we see a completed five wave rise from 1251 level, which was the end point of a triangle. There are chances that market accomplished wave (c) that is a part of a huge zigzag from 1181 low. Notice that price also moved beneath 1251-1307 trendline that suggests further weakness in the short-term, probably back to 1307 area of a former wave iv).

Gold 4-Hour Elliott Wave 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/

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