Elliott Wave Analysis: GOLD Can Be Bottoming

By: Gregor Horvat | Fri, Nov 7, 2014
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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 4-Hour Elliott Wave Analysis Chart

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

GOLD 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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