GOLD Elliott Wave Analysis: Bearish Beneath 1230

By: Gregor Horvat | Tue, Jan 21, 2014
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GOLD 4h

Gold moved to a new swing high recently, to 1260, a leg that which can be considered as a final part of a recovery from 1181. We see move up from 1214 as potential ending diagonal placed in wave (c) that could complete recovery in this week, either at 1260 or 1265. An impulsive downside reaction back beneath 1230 would put bearish price action in play.

GOLD 4h Elliott Wave Analysis

Gold 4-Hour Chart


GOLD 30min

Gold has been very slow lately so we assume that sooner or later market will wake up. From a technical perspective strong reaction could be to the downside as we see recent upward price action in shape of a wedge pattern. It's called an ending diagonal in EW theory that usually occurs ahead of a strong turning point. We however still need impulse down to 1232 to confirm any change in trend.

GOLD 30min Elliott Wave Analysis

Gold 30-Minute 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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