Elliott Wave Analysis: GOLD Trading In A Temporary Correction

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A five wave decline on gold from 1244 suggests that metal found a top and that current reversal lower is a new corrective move. We are tracking an A-B-C pullback that can see weakness down to 1213 area this week from where we will look for a new turn up in impulsive fashion.

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GOLD, 1h

 

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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.