Elliott Wave Analysis: GOLD Facing A Probable Reversal Near 1165/1170

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Gold is trading away from 1123 December low but notice that recovery is overlapping which is typical the price structure for a corrective move. As such, we are tracking wave B that can be made of a double zigzag, so we suspect that sooner or later downtrend will resume. Ideally market will turn down from 1165-1170 area.

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Gregor Horvat
Chief Technical Strategist

GOLD, 1H

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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.