Gold: Bearish Reversal In Progress
Gregor Horvat | Mar 25, 2014 05:24AM ET
Gold turned bearish last week from 1380-1400 Fibonacci resistance zone and even extended losses yesterday, which has been expected as we were looking for a final push down in to wave i)/a). Notice that the market is now approaching 1300 psychological level while the RSI is showing some signs of a divergence. As such, we assume that first impulsive leg from the 1391 high is near completion and that price will turn up in wave ii)/b) for a corrective rally.
GOLD 4h Elliott Wave Analysis
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