Gold at possible resistance/bearish turn - Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

On the monthly chart of GOLD we see price at the end of a bigger A-B-C correction, which followed as a contra-trend reaction the the previous five-wave fall. Ideally some resistance and a bearish turn can be seen here around the Fib. ratio of 61.8 (1600/1620 region), where bears can again turn price lower.

Gold, Monthly

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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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