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GOLD Elliott Wave Analysis: Approaching Resistance

By: Gregor Horvat | Tuesday, March 4, 2014

GOLD broke to a new swing high, which can be wave (v) in C as shown at the updated wave count. We see prices hitting first resistance area around 1352 from where price may turn down if at the same time RSI resistance line will not be breached. Generally speaking divergence on the RSI and fifth wave up in (c) signal a coming reversal on metal; we are just waiting on impulsive sell-off back to 1320 to confirm bearish waves.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart


GOLD One Hour

Gold is reversing down again after recent five wave rally from 1319 with termination point at 1354. Current weakness came in after earlier Russia-Ukraine news. Decline has some impulsive qualities so looks like price is heading lower towards unfilled gap. A complete five wave fall from the top will put intraday trend on Gold in bearish mode.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

 


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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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