Gold Elliott Wave Analysis: Downtrend In Play
CommodityOnline | Oct 21, 2014 06:50AM ET
We are now tracking an updated count on gold, with completed wave 4) triangle at 1346. The reason are even weaker prices last week that is approaching to 1980/82 level. Also, there is a strong and extended decline from around 1322 that looks like a wave 3 part of an impulsive and incomplete decline. Therefore, wave 5) can already be underway for $1100 by the end of the year. In the meantime rally will occur, but only in corrective phase as long as 1280 remains in place.
GOLD Daily Elliott Wave Analysis
Gold is at new highs, which means that wave 4 is becoming larger and more complex than firstly thought. However, despite a solid recovery we see move from the lows as a corrective retracement that can turn south later this week, ideally from around 1255-1260 area. But only an impulsive sell-off through the lower side of an upward channel can be confirmation for a trend change.
GOLD 4h Elliott Wave Analysis
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