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Gold Is Sideways, But Still Bearish Within Larger Trend

Gold prices found some support last week and reversed back to the base channel line once again. This could react as resistance in the current black wave 4 which is now making a more complex wave structure than we firstly thought.

We can see that price is slow, sideways, choppy and more importantly the recovery from 1337 cannot be counted impulsively. Therefore, we think that the move is corrective, probably a wave 4 which is still incomplete.

Ideally that is now wave (d) down that will look for a support somewhere above 1352. From a larger perspective we think gold will continue lower, but based on the 4h count, the critical level is at 1441 which was wave 1 low.

GOLD 1h

Gold 1 hour chart Elliott Wave Analysis technical outlook

GOLD 4h

Gold Elliott Wave 4 hour graph for trading charts

Gregor Horvat

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!