Elliott Wave Analysis: GOLD In An Impulsive Decline

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Gold keeps falling sharply which now looks like an extended five wave drop from 1288 so whole decline from 1303 is probably impulsive. We are looking at wave 3) that can be looking for a support now around 1200-1215 for a short-term recovery up into wave 4). However, this whole decline since start of May is not a new bearish cycle, but rather wave C as part of a corrective flat pattern as shown on higher time frames.

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GOLD, 4H

GOLD 4..

 

 

 

 

 

 

 

 

 

 

 

 

 

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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.