Elliott wave Analysis: GOLD Update

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1915

GOLD is trading choppy, slow and sideways for the last few months, which can suggest that metal may be trapped in a corrective pause within an uptrend. We see this pause as an EW flat in the making, which can be now unfolding final leg C of a flat. Wave C in a flat must have five sub-waves, while waves A and B both have only three. That said, support for wave C can later be seen around the Fibonacci ratio of 123.6.

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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.