Gold to see more weakness
October 18, 2017 09:23 AM
Elliott Wave Analysis: Gold
Gold is unfolding a bearish reversal away from the highs, where we labeled end of Wave B. Current five-wave drop now indicates more weakness to follow, but after a pullback takes place (we are talking about Wave ii). That said, Blue Wave 1 can be now trading in final stages, meaning a three-wave recovery can come in play in sessions to come, with possible resistance near the Fibonacci ratio of 50.0 or 61.8.
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. 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/
