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

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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