GOLD has turned bearish last week and made a sharp decline towards 1300 with a personality of an impulsive price action; a strong and large move in a short period of time. As such, we believe that the precious metal is in a new bearish period which could bring the price even back to June lows. We will be looking lower as long as 1434 is in place. With that said, to take advantage of the current downtrend move it’s important to keep an eye on intra-day wave patterns and any evidence of a corrective or contra-trend pattern that will give you an opportunity to join the trend. Well, on the hourly chart we see a sideways movement in a tight range, which is a very important guideline for a correction, or a temporary pause within the downtrend. From an Elliott Wave perspective we see the current pause as a triangle which is a continuation pattern, most likely placed in wave four. As such, we anticipate a thrust out of a triangle into wave (v) that could reach levels around 1280 in the next 24-48 hours once 1300 support is taken out. GOLD 1h TRIANGLE-BASIC STRUCTURE A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. Structure is 3-3-3-3-3 Each subwave of a triangle is ussaly a zig-zag Wave E must end in the price territory of wave A One subwave of a triangle usually has a much more complex structure than others subwaves Appears in wave four in an impulse, wave B in an A-B-C, wave X or wave Y in a double threes, wave X or wave Z in a triple threes 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! View All Post By Gregor Horvat Opinions share Read Next Forex Analysis: EUR/USD Stalls Advance Near Resistance James Chen 9 years GOLD has turned bearish last week and made a sharp decline towards 1300 with a personality of an impulsive price action; a strong and large move in a short period of time. As such, we believe that the precious metal is in a new bearish period which could bring the price even back to June lows. We will be looking lower as long as 1434 is in place. With that said, to take advantage of the current downtrend move it's important to keep an eye on intra-day wave patterns and any evidence of a corrective or contra-trend pattern that will… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.