Elliott Wave Analysis: GOLD In For More Gains, After Wave 4 Correction


Gold bounced sharply to the upside this month after USD turned lower across the board following bad NFP figures last week. Price action is very strong from the low and now also around 1270 so we see more and more evidences of a new bullish run. That said, we will now expect more gains after any pullback, which will likely be wave 4 that may look for a support around 1234-1250 area in days to come. Invalidation level is at 1220; as long this one holds trend is up.

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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.