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GOLD!! - Will 1500/1700 Area Prove To Be A Good Resistance Zone?! (Elliott Wave)


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Hello fellow traders,

On the weekly chart of gold we see price trading in a higher degree wave B correction from the lows, which can be part of a gigantic A-B-C decline, down from 1922 highs. That said, we are observing a three-legged move within wave B, that can face resistance, and a bearish turn near the Fibonacci ratio of 38.2/50.0 (1500/1600 area).

A later drop in impulsive fashion (five legs) would confirm a completed wave B, and a new bearish, five-wave cycle towards new lows.

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Gold, Weekly

weekly, gold




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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.

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  • 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/

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