Gold has been trading higher since start of January but recovery is slow and overlapping within a trading channel which we think it's a corrective move. We are tracking wave 4 that can be part of an expanding diagonal in wave 5) down. If that is the case then current rally should stop somewhere around 1280-1300 region. Break of 1230 will confirm weakness for wave 5 of 5) going towards 1100/50.

GOLD Daily Elliott Wave Analysis

GOLD Daily Elliott Wave Analysis Chart

GOLD Four Hour

Gold found a support in the last few trading days at the lower side of a corrective channel, at 1237 where we see a completed three wave decline from the top, now labeled as wave (b). As such, we suspect that new highs are underway with wave (c) that may complete a second zigzag around 1280.

GOLD 4h Elliott Wave Analysis

GOLD 4-Hour Elliott Wave Analysis Chart

GOLD One Hour

GOLD is still trapped between 1231 bearish and 1270 bullish zone, but because of only three wave fall from 1278 we expect a continuation higher, back to the highs; ideally from current levels while 1239 holds.

GOLD 1h Elliott Wave Analysis

GOLD 1-Hour Elliott Wave Analysis Chart

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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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