GOLD Elliott Wave Analysis: Impulsive Bearish

By: Gregor Horvat | Mon, Dec 23, 2013
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GOLD Elliott Wave Analysis Daily

Gold is trading nicely lower since the start of September, after the break through the rising trend line of a corrective channel. We knew at the time that it was an important signal for a change in trend, which means that bearish price action is now back in play which is accelerating for the last couple of weeks from 1362 so we think that market is moving down in wave 3 that could reach 1130 region in the next couple of weeks. Short term critical region is now at 1268; as long this level holds we are looking straight down.

Daily Gold Chart


GOLD Elliott Wave Analysis 4h

Gold has turned sharply to the downside in the past week which has been expected after only three waves up, labeled as a)-b)-c) on the chart. Current decline from 1251 is very sharp and directional that has already reached a new low so we believe it represents red wave iii) in progress, targeting 161.8% Fibonacci extension level at 1175.

Gold 4-Hour Chart


GOLD Elliott Wave Analysis Intraday

GOLD found some support on Thursday, but rally from that low is slow so we believe it's a corrective wave iv that will sooner or later send price back to the lows; ideally to 1180 level from June. Invalidation level for gold is at 1226.

Gold Hourly Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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