GOLD 4h Elliott Wave Analysis .
GOLD have turned bearish last week from 1380-1400 Fibonacci resistance zone. We see prices falling in impulsive fashion, now already beneath 1337 so we believe that top has been formed and that market will make a minimum three wave fall. At the moment price is still in wave i)/a), but any bounce will be just a short term rally which could occur from around 1300/1310 area.
Gold price fell to a new low as expected, in to wave v that is a final leg within a larger five wave decline. We know that after every five waves correction follows, so be aware of a reversal in the next few sessions. Ideally price will bounce from around 1305/1310 area. To our new taders/clients; keep in mind that this bounce is not tradeble, especially not if you don’t get five waves from the low. Technically speaking, we anticipate just a corrective rally that may offer better levels to rejoin the trend from higher levels.