6 Mar 2015
Gold: Bearish continuation pattern pointing to $1170/75 – EW-Forecast
FXStreet (Barcelona) - Gregot Horvat of EW-Forecast, uses Elliott Wave Analysis to predict that Gold might remain bearish towards $1170/75.
Key Quotes
“Gold will stay bearish it seems, for a break beneath 1190 as recent sideways price action looks corrective because of slow and even overlapping waves.”
“As such, we assume that this is wave (iv), probably a triangle which is a continuation pattern so new lows can be coming with wave (v) that can even fall down to 1170/75 in sessions ahead, while 1223 holds.”
Key Quotes
“Gold will stay bearish it seems, for a break beneath 1190 as recent sideways price action looks corrective because of slow and even overlapping waves.”
“As such, we assume that this is wave (iv), probably a triangle which is a continuation pattern so new lows can be coming with wave (v) that can even fall down to 1170/75 in sessions ahead, while 1223 holds.”