GOLD Daily
Gold has turned bearish at 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 back in play which also accelerated at the end of December, so we assume that price is moving down in larger wave 5) heading through 1180 June low. With that said, we think that current bounce is most likely just another corrective rally in the middle of a bearish trend. Resistance is seen around 1250/1270 from where new sell-off could occur.

GOLD Daily Elliott Wave Analysis

Gold has reached a new swing high around 1254 in this week from where we can see some bearish price action. At the moment a decline from 1254 is definitely still not enough strong and big to confirm end of a three wave (a)-(b)-(c) corrective rally. But further weakness today and tomorrow, back to 1216 wave (b) zone will suggests that new sell-off on gold is in progress.

GOLD 4h Elliott Wave Analysis

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Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.

He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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