Elliott Wave Analysis: GOLD Can Be Bottoming
Gold is trading sharply lower after breaking beneath 1182 level that caused an extended impulsive decline from 1255. Impulses are five wave patterns, and it looks like that metal is already in fifth wave now after recent completed corrective rally at 1175 labeled as wave (iv). So current leg down is wave (v) so we would not be surprised by a bullish reversal, especially if we also consider the divergence on RSI. However, any trend in change from bearish to bullish mode would be confirmed only if price would rally in impulsive manner back to 1175.
GOLD 4h Elliott Wave Analysis
Gold is higher following the NFP figures, but this has been technically anticipate. Notice that market went above 1551 swing of a red wave iv) which means that metals is probably bottoming and that rally will occur in minimum three legs, especially if metal will close above 1160 today.
GOLD 1h Elliott Wave Analysis
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