GOLD Ready To Gain Towards 1460

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Gold recovered quite nicely since the market found the support at 1380 region. You will notice that commodity made only a 3-wave retrace from the recent highs. We know that only corrections are structured by three waves and as such new highs should follow in sessions and days ahead, since corrections always appear against the larger trend.

Gold Elliott Wave Chart March 22

Guest post by Gregor Horvat

Prices also broke through the upper side of a corrective channel, which is the most important evidence of a bullish continuation.

If fact, break above 1444 highs could be very significant if we consider a possible third wave scenario. In Elliott Wave theory third waves are usually the strongest and longest waves of an impulsive sequence! However, once 1444 is out, the first targets are seen at 1460 followed by 1470!

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About Author

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!