Elliott Wave Analysis: GOLD Trading In A Temporary Correction

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Gold is making a strong reversal below the trendline connected from end of January, after touching the upper resistance line last week. Well, we actually see a wedge pattern since start of the year which can be a leading diagonal placed in wave I position. We know that’s still an important structure for a change in trend, so despite a new look we will remain bullish. However, before bulls may resume we have to be aware of a three wave retracement, ideally back to the 50.0 or 61.8 Fibonacci area where metal can be looking for a new support later this month.

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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.