GOLD(XAUUSD) Elliott Wave Analysis – March 24, 2014

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gold elliott wave 4h

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 1h

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.

gold elliott wave 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.