GOLD Price Could Test $1000 - Elliott Wave Analysis
Commodities / Gold and Silver 2014 Jun 10, 2014 - 04:08 PM GMTBy: Gregor_Horvat
GOLD Weekly
Gold is in sharp reversal mode from all time highs after a completed big five wave rally, so current pullback is probably corrective. We are tracking two counts, where both suggests another leg down. The primary labeling suggests that market is now in sub-wave 4) of (C) that could bottom around 1000 psychological level at the end of the year, or maybe in 2014.
Primary Wave Count
The second count also suggests a bottom around same levels as mentioned above, but this one shows only temporary low for wave (A) of a much bigger three wave fall.
Alternative Wave Count
GOLD Daily
On gold we are tracking a big triangle placed in wave 4) for a while now which is still incomplete. At the moment we are looking at wave D that could look for a support around 1230/1240 as we have all needed three legs down from wave C high. As such, we expect another three wave rally, this time up in wave E before we may look for a completed triangle pattern, ideally around 1339-1350 zone.
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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.
© 2014 Copyright Gregor Horvat - All Rights Reserved
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