Elliott Wave Analysis: Gold Trapped In a Triangle

Good morning traders. Today, let’s take a quick peek at Gold and its mid-term development.

We see Gold trading in a big, choppy, overlapping and sideways price action since start of 2016. This slow visible structure resembles an Elliott wave triangle correction. A triangle correction is a complex pattern with five legs, with each leg having three more sub-waves. On the daily chart of Gold we see price trading within leg D) of this triangle pattern, which may see more weakness in the next few days, ideally to 61.8% Fib. Level that comes in around 1205 July swing low.

GOLD, Daily

For more detail Elliott wave technical analysis on Gold plus other markets, such as 10 year US note, AudUsd, Bitcoin and Crude Oil, check our NEW video at https://goo.gl/FM1MGv or https://ew-forecast.com/newsletter/elliott_wave_video_market_overview

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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