GOLD May Test $1000: Elliott Wave Analysis

By: Gregor Horvat | Tue, Jun 10, 2014
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GOLD Weekly

Gold is in sharp reversal mode from all time highs after a completed big five wave rally, so current pullback is probably corrective. We are tracking two counts, where both suggests another leg down. The primary labeling suggests that market is now in sub-wave 4) of (C) that could bottom around 1000 psychological level at the end of the year, or maybe in 2014.

Primary Wave Count

Gold Weekly Chart

The second count also suggests a bottom around same levels as mentioned above, but this one shows only temporary low for wave (A) of a much bigger three wave fall.

Alternative Wave Count

Gold Weekly Chart 2


GOLD Daily

On gold we are tracking a big triangle placed in wave 4) for a while now which is still incomplete. At the moment we are looking at wave D that could look for a support around 1230/1240 as we have all needed three legs down from wave C high. As such, we expect another three wave rally, this time up in wave E before we may look for a completed triangle pattern, ideally around 1339-1350 zone.

Gold Daily 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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