Elliott Wave Analysis: GOLD Trading Higher In Wave One; Temporary Correction Is Near

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Gold has turned nicely bullish a month back with clean five waves up from 1120 area, which means that trend has changed from bearish to bullish mode. However, nothing moves in straight lines so drop from January highs was not a surprise; a contra-trend move in three waves that can represents wave 2, which in fact already shows signs of completion after a nice leg up on Friday.  That said, looking at the updated count we can now see red wave 1) in motion, with still a little more upside to go, which can see some resistance around the 1219 level.

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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.