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Gold Now Back To Bullish Mode

We see a very clean bullish pattern on gold. Notice that from 2011 highs decline has unfolded in three waves, followed by bullish impulsive reversal through falling trend line.

Well, once wave (1) found the peak, the price reversed lower as expected, into a corrective wave (2), which is now looking for a bottom around typical 61.8% retracement area. A minor impulsive bounce towards 1715 will confirm a bullish case, and immediate rise to 1800 and even higher.

For now invalidation level remains at 1522 low!


Guest post by Gregor Horvat

Notice that we are currently also observing huge head and shoulders pattern with right should near completion.

Do you want more detailed analysis?! Then check the video below which was shared with subscribers already on Friday. Video includes Aud/Usd, Usd/Cad, Gold and Oil!

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!