GOLD Elliott Wave Analysis Daily

Gold is trading nicely lower since the start of September, after the break through the rising trend line of a corrective channel. We knew at the time that it was an important signal for a change in trend, which means that bearish price action is now back in play which is accelerating for the last couple of weeks from 1362 so we think that market is moving down in wave 3 that could reach 1130 region in the next couple of weeks. Short term critical region is now at 1268; as long this level holds we are looking straight down.

GOLD Elliott Wave Analysis 4h

Gold has turned sharply to the downside in the past week which has been expected after only three waves up, labeled as a)-b)-c) on the chart. Current decline from 1251 is very sharp and directional that has already reached a new low so we believe it represents red wave iii) in progress, targeting 161.8% Fibonacci extension level at 1175.

GOLD Elliott Wave Analysis Intraday

GOLD found some support on Thursday, but rally from that low is slow so we believe it's a corrective wave iv that will sooner or later send price back to the lows; ideally to 1180 level from June. Invalidation level for gold is at 1226.

Written by www.ew-forecast.com