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Gold Can Be In Final Stages Of A Corrective Set-back


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Gold is very interesting asset that will always be on investors watchlist, especially during unstable period like we are facing now, and with QE in full force, I think metals has plenty of room to rise.

From a technical point of view we see Gold moving to the downside since August, but the price action is very slow and choppy with overlapping wave structure, which actually suggests a corrective movement, ideally a complex W-X-Y decline within a higher degree wave IV) that can find the support around 1800 level. This level is also interesting if we consider that it comes in at 100 Daily SMA with a similar length-retracement compared to March, while from EW perspective it can be completing the final wave C of Y. So, watch out for a limited downside and be aware of a bullish reversal as we approach the end of 2020.

To me its important to see a minor bounce in five waves, before I can call end of a corrective retracement which would be then a constructive looking for opportunities on the long side.


Trade well!

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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.

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/

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Email: info@ew-forecast.com

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