Elliott Wave Analysis: GOLD Aiming For Higher Levels; Decisive Break Above The 1244 Would Indicate More Gains

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Gold has turned nicely bullish two months back with clean five waves up from 1120 area, which means that trend has changed from bearish to bullish mode. However, nothing moves in straight lines so drop from January highs down to 1180 was not a surprise; a contra-trend move in three waves that can represents a completed blue wave 2.
That said, looking at the count we can now expect price to resume the uptrend in wave 3), as we can see red wave 2) showing first signs of completion at the 1216 level. A break above the 1244 level would be a confirmation for higher levels to follow.

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.