GOLD Bearish Reversal in Progress, Could Hit 1300 –

3

GOLD reversed nicely, in a perfectly lower manner from the $1490 area seen two weeks back to where the base channel turned into a resistance line as discussed in our latest video analysis.

Notice that the fall from that zone is now very sharp, showing evidence of an increase in volume and momentum, so we suspect that the market is underway to the 1220/1300 area for a fifth wave of decline in wave (C).

Gold Elliott Wave Analysis for technical trading May 20 2013 XAUUSD

VIDEO: EURUSD, GBPUSD, AUDUSD and GOLD

Get the 5 most predictable currency pairs

About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

3 Comments

  1. Pingback: AUD/USD Forecast May 20-24 | Forex Crunch

  2. What do you think now?? The gold is went back from 1336. So where to next in Gold?