rounded corner
rounded corner
top border

EW Analysis: GOLD Formed A Nice Bearish Setup


Bookmark and Share

Hello traders!
Today we will talk about pretty clear pattern on Gold!

Gold made an impuslive five-wave decline at the end of March, which in EW theory suggests more weakness, but after every five waves, a three-wave a-b-c pullback follows. And, as you can see, Gold made a nice three-wave A-B-C recovery, back to ideal resistance around 61,8% Fibonacci retracement and 1310 level that has been also finished with an ending diagonal. And, ending diagonals usually indicate a strong reversal!

As you can see, Gold is currently turning sharply down, which can be the first indication of a completed correction within ongoin downtrend! So, if Gold continues lower back beneath 1294 region, then we can confirm a bearish continuation towards 1281 lows and probably a break even lower!

In case if goes more complex, we remain bearish as long as price keeps trading below 1325 invalidation area!

If you like what I do, then you may check our services atwww.ew-forecast.com.

gold1h



Recent articles from this author



About the author


Grega Horvat

 

 

  • Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

EW-Forecast

  • To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!


Gregor Horvat
Chief  Technical Strategist
Website: http://www.ew-forecast.com/

Twitter: http://twitter.com/ewforecast
Email: info@ew-forecast.com

Published by Barchart
Home  •  Charts & Quotes  •  Commentary  •  Authors  •  Education  •  Broker Search  •  Trading Tools  •  Help  •  Contact  •  Advertise With Us  •  Commodities
Markets: Currencies  •   Energies  •   Financials  •   Grains  •   Indices  •   Meats  •   Metals  •   Softs

The information contained on InsideFutures.com is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Barchart.com. Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. InsideFutures.com is not a broker, nor does it have an affiliation with any broker.


Copyright ©2005-2019 InsideFutures.com, a Barchart.com product. All rights reserved.

About Us  •   Sitemap  •   Terms of Use  •   Privacy Policy