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GOLD Elliott Wave Down D Wave

Commodities / Gold and Silver 2014 Apr 17, 2014 - 10:17 AM GMT

By: Gregor_Horvat

Commodities

On Gold we presented  a triangle idea few weeks back, with wave C rally up to 1380/1400 resistance area. Market sold of sharply from that levels  in March and it seems that price is ready to continue lower in April as current decline looks impulsive, labeled as wave (a). With that said, we suspect that wave D will fall down to around 1240/1270 zone after a completed sub-wave (b) that may look for a top formation in the next week or two in 1320/1360 area.


GOLD Daily Elliott Wave Analysis

GOLD Four Hour
Gold has recovered up to 1320-1342 resistance area that we highlighted it several times in our past updates. We also noted that bearish reversal could be near if we consider a double zigzag from the low. Well, market fell very sharply yesterday and finished the day around 1300 area which suggests a completed recovery in wave (b). So we anticipate further weakness now, ideally market will move beneath 1277 by the end of the week. 1331 is now new short-term critical resistance.

GOLD 4h Elliott Wave Analysis

GOLD One Hour
Yesterday some commodities fell sharply, and gold was no expectation. We have seen a very powerful bearish move away from 1330 that has unfolded in five legs so we think that this market will go even lower, but after a three wave bounce. We see nice resistance zone for wave c at 1310-1315.

GOLD 1h Elliott Wave Analysis

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

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.

© 2014 Copyright Gregor Horvat - All Rights Reserved

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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