GOLD and USDCAD Intraday: Elliott Wave Analysis

By: Gregor Horvat | Tue, Sep 2, 2014
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GOLD is falling today, away from 1296 where we see a completed wave iv, so current weakness represents a fifth wave, final leg of an impulsive sell-off from 1322, or maybe even from 1345 if we consider a potential three wave decline from that July highs. We see some supports from 1265 to 1250 from where we may get a bounce in price. If that would be in impulsive fashion then we will turn immediately bullish.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

Five waves down from the highs, followed by a three wave rally is a bearish pattern that is pointing south on USDCAD. We are looking for an (a)-(b)-(c) drop away from 1.0995 where wave (c) may test 1.0800 before we look for a new bounce.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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