Elliott Wave Analysis: GOLD Going For 1320, While 1262 Holds


Gold made quite a deep retracement but for now only with three waves, labeled as A-B-C on 4h chart, so decline can be corrective while market trades above 1237 level. In fact, notice there was a nice bounce from 1257 in the last few sessions which could be low of wave C if we consider a broken channel line today. That said, we think that uptrend may continue towards 1320 and even higher based on upward projections on higher time frames.

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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.