Gold in a bearish retracement

Elliott Wave Analysis: gold

Gold is in a bearish retracement with a higher USD, and it looks like that there is more weakness coming on metal as current sideways price move looks to be a triangle in Wave B which means Wave C can drop towards 1210-1213 area.

Gold, 1-hour

 

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.