GOLD Elliott Wave Outlook - Bearish Wave

By: Gregor Horvat | Mon, Mar 24, 2014
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GOLD has turned bearish last week from 1380-1400 Fibonacci resistance zone. We see prices falling in impulsive fashion, now already beneath 1337 so we believe that top has been formed and that market will make a minimum three wave fall. At the moment price is still in wave i)/a), but any bounce will be just a short term rally which could occur from around 1300/1310 area.

GOLD 4h Elliott Wave Analysis

GOLD 4_hour Elliott Wave Analysis Chart


On Friday we also covered gold and highlighted bearish continuation after three waves up. Price is now just few points away from the low so we can assume that wave v has began. Market could reach 1305/1312 region early this week, before price turns up for a three wave correction.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At 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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