Elliott Wave Analysis: GOLD Could Face A Temporary Correction

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Gold is trading nicely bullish for the last month with clean five waves up from 1120 area, which means a temporary correction could be just around the corner. That said we expect to see a new three wave of retracement in wave 2 to around the 1171-1177 level to unfold, before bulls can again resume.

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GOLD, 4H

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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.