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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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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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