Gold Elliott Wave Technical Analysis – Could Fall More Down

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GOLD reversed sharply to the downside at the start of September, through the rising trend line of a corrective channel. As we know that’s an important signal for a change in trend, which means that bearish price action is now back in view that could accelerate to the downside in the next few weeks if we consider possibly completed flat correction in wave 2. A fall and daily close beneath 1251 will be important sing for a wave 3 down in progress back to 1180.

Gold Elliott Wave Daily
Gold Elliott Wave Daily

On Intraday time frame GOLD is falling sharply following good NFP number on speculation that QE will end sooner rather than later. From a technical perspective we see price moving down in impulsive but now extended wave v that could reach levels around 1270 as long as 1313 is in place.

Gold Elliott Wave Intraday
Gold Elliott Wave Intraday

Written by www.ew-forecast.com

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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.