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 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: