Elliott wave Analysis: Gold pushing Price Higher; Possible Reversal around 1260/1264

Gregor Horvat Wavetraders

Hi traders,

Gold made a nice and firm rally yesterday, up from 1233 level, which is a confirmation that metal is still trading in wave C of a bigger leg E). We now see a completed pullback in wave iv at the 1232 level, that points towards 1260/1264 region for a final leg v of C. Resistance and a top may be seen at the mentioned zone, from where a change in trend, from bullish to bearish may follow.

Gold, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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