Gold made a deeper pull-back this week, finding a support around 1440 at the parallel trend-line that represents lower side of a corrective channel. Note that decline from 1485 has been made in three waves, and that 1419 support is still in place. The pull-back from latest high was corrective wave b) that is part of a complex double zig-zag from the mid April low. With that in mind, price could test the 1490 or even 1500 level before complex corrective is complete.

Gold 4H Elliott Wave Analysis Chart

GOLD: Recovery Is Incomplete; Could See 1490/1500-Elliott Wave Forecast

Analysis by: http://www.Forexpros.com - Written by Gregor Horvat Forexpros

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