Elliott Wave Analysis: GOLD and GBPJPY

GOLD

Gold turned nicely up last week from our highlighted Fib. levels where metal shows swing of a completed a)-b)-c) set-back. Notice that the price turned up very sharply and took out the upper channel line as well which is an indication for more upside in the sessions ahead. That said, we think that gold will stay supported towards 1244 this week, or maybe stay sideways if the whole consolidation since Feb 09 high is an ongoing triangle, but also a bullish structure!

GOLD, 1H

GBPJPY

GBPJPY is turning lower from 142.00 but can be wave c) of a flat in wave two so actually it can still be only a corrective set-back within a new ongoing impulse that will take us out of a triangle. But the triangle can be tricky as it can also occur in wave B position, so I would personally avoid this pair unless we see a break above 142.82 swing high and then look for pullbacks to join the ride. An aggressive trader however, will pay attention to 140.80 support.

GBPJPY, 1H

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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