Friday, May 3, 2013

GOLD: Recovery Is Incomplete; Could See 1490/1500-Elliott Wave Forecast



GOLD made a deeper pull-back in this week and then found a support around 1440, at the parallel trend-line that represents lower side of a corrective channel. Also notice that decline from 1485 has been made in three waves and that 1419 support is still in place. Therefore, we think that pull-back from latest high was corrective wave b) that is part of a complex double zig-zag from mid April low. With that in mind, price could test 1490 or even 1500 level before complex corrective is complete.

Gold 4h Elliott Wave Analysis Chart & Trading Ideas [click here] 


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