Elliott Wave Analysis On GOLD And GBPUSD

By: Gregor Horvat | Tue, Jul 5, 2016
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GOLD

Gold made only three waves of a decline down to 1337 which is a structure of a contra-trend price action, so traders should be looking for more upside in the very near term, as wave 5 may already be underway now. There is room for 1365-1370 in the short-term.

GOLD, 1H

Gold 1-Hour Chart


GBPUSD

After price completed a triangle pattern at the 1.3344 mark, pair made a nice impulsive drop below the lower triangle line, suggesting that correction is over and that a new bearish cycle is underway. For now we believe that price will continue to reach lower levels and ideally make a reversal higher around the 261.8 Fibonacci projected area.

GBPUSD, 1H

GBP/USD 1-Hour 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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