Search ForexCrunch

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!