We were looking for a bullish reversal on gold lately because of five waves down from 1393 and it seems that bottom is now finally forming. Notice that price bounced sharply from below 1280 zone and retraced close to former wave iv). As such, that's a clear and important evidence for a completed red wave v) in (a), thus price are set-up to recover in three legs within wave (b) in sessions ahead.
GOLD 1h Elliott Wave Analysis
The S&P futures did not move much in the last couple of hours, so we see prices still trading in fourth wave. Projected levels suggest a deeper pullback, down to 1868/1870 before uptrend resumes. Keep an eye on 1859; overlap would invalidate current bullish outlook.
S&P 500 (June 2014) 1h Elliott Wave Analysis
Written by www.ew-forecast.com