Gold moving into technical resistance – Five waves up can cause a slow down [Video]

Gregor Horvat Wavetraders

Gold came to new highs, but it's seen in late stages of a final fifth wave that belongs to an impulse from 1784, so we should be aware of a bearish reversal since we know that after every five waves new correction can show up. We can also see price now testing fifth wave Fib target at 1940 while RSI shows a divergence so there is s chance that bulls will slow down, especially if the USD will find some support now when US yields are turning slightly lower.

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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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