GOLD has turned bearish last week from 1380-1400 Fibonacci resistance zone. We see prices falling in impulsive fashion, now already beneath 1337 so we believe that top has been formed and that market will make a minimum three wave fall. At the moment price is still in wave i)/a), but any bounce will be just a short term rally which could occur from around 1300/1310 area.
GOLD 4h Elliott Wave Analysis
GOLD 1h
On Friday we also covered gold and highlighted bearish continuation after three waves up. Price is now just few points away from the low so we can assume that wave v has began. Market could reach 1305/1312 region early this week, before price turns up for a three wave correction.
GOLD 1h Elliott Wave Analysis
Written by www.ew-forecast.com
