Gold can't get comfortable

Elliott Wave Forecast

image credit: Eva Rinaldi

Gold (COMEX:GCU14) spiked above $1,318 for a $1 only before it came back into the range and now slowed down around $1,314.

But based the triangle count that we have been tracking, traders should not be surprised by a decisive push higher up in wave v). We see possibility of already completed triangle in wave iv) at $1,308 but because of a slow market we really have to keep an eye on $1,304 level as invalidation point for a triangle. So as long this one holds, we will look to the upside.

Gold 1-hour Elliott Wave Analysis



U.S. stocks are up, no doubt and based on the clear pattern on Nasdaq 100 contract we can assume that uptrend will extend for a minimum one more leg as move from 3880 is unfolding in impulsive fashion. We expect a push up into wave v) that may reach 3970. We would change view if market goes back beneath 3914.

Nasdaq 100 1-hr Elliott Wave Analysis




About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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