Gold is at the highs once again, testing 1380-1400 area where we see some important Fibonacci levels that could react as resistance in this week. An updated count now shows a five wave move in wave (c) of C that is in final stages after recent break out of a running triangle in subwave four.

Keep in mind that on a daily time frame we are still looking at a triangle count where price is now testing important 78.6% retracement level of 1435-1180 move. A reversal down from here back to wave four range could suggest a completed rally for metals.

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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