Friday, August 23, 2013

GOLD: Sideways Within Larger Uptrend: Elliott Wave Analysis (Elliott Wave Forecast)

On Gold we are tracking a bullish continuation from 1272 that should be in five waves, because we are tracking wave C/3 which are both motive waves. Right now we can see only three completed legs, but current sideways price action seems like a fourth wave, so be aware of another rise in the near future, up to 1390-1400 zone.



Only a decisive fall through 1344 support and towards 1318 level will suggest that bearish reversal is unfolding. In such case we would focus on daily alternate count.



GOLD 4h – Elliott Wave Analysis







Written by www.ew-forecat.com | Try EW-Forecast.com’s Services Free for 7 Days



Recent Articles by ew-forecast.com








Originally Published on FX Times



by InformedTrades via InformedTrades

No comments:

Post a Comment