GOLD Elliott Wave Analysis: Faces Resistance Around 1330

gold-elliott-wave

Gold broke above 1300 mark, making an extended leg from 1251, triangle low. Notice that we have adjusted the wave count but actually massage is the same; we see a corrective advance from 1181 now testing 1330 resistance. We are observing more simple count now, a zigzag with a triangle placed in wave (b). We also know that wave (b) pattern CANNOT be labeled as wave two, because triangles never occur in wave two position. So because of that we are even more confident that rally is a contra-trend and that gains will be limited.
GOLD 4h Elliott Wave Analysis
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Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com