Gold Bullish in Near Term

Gold should be headed higher in the very near term, at least towards the 1360, as we anticipate at least three wave move on the upside from 1315 lows; either you count a decline from 1387 highs as a five wave move or a complex double zig-zag correction.

Guest post by Gregor Horvat

Gold was pulled lower recently in three wave structure from 1349, which should be only a second, but corrective wave of that three wave bounce that is unfolding. Break of 1349 resistance will put wave (iii)/(c) in play. Wave count remains valid as long as prices trade above 1315 support zone

Gold 1h chart:

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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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