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

 

Nasdaq 

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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

Comments
comments powered by Disqus