Gold rises further upside

Gregor Horvat Wavetraders

USD is moving into some late stages of a higher degree Elliott Wave structure. We are also in the mid of the week when flows can change especially when you have the FED minutes.

Keep in mind that there were some bad US data lately which means that again FED may wait with tapering for longer than we think. However, inflation is still a real concern which is visible also through latest move on GOLD that is again on the rise despite big short orders last week, so looks like speculators are using metal as a hedge against and this moves can extend further to the upside.

Gold 4h Elliott Wave analysis chart

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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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